Oil prices edged lower on Tuesday, even as a powerful winter storm disrupted crude production and refinery operations along the U.S. Gulf Coast.
Brent crude futures fell 28 cents, or 0.4%, to $65.31 a barrel by 01:45 GMT. U.S. West Texas Intermediate (WTI) crude also dropped 24 cents, or 0.4%, to $60.39 a barrel.
Despite the price decline, the storm caused major disruptions across the U.S. energy sector. Analysts and traders estimate that oil producers temporarily lost up to 2 million barrels per day over the weekend — nearly 15% of total U.S. production.
The severe weather strained power grids and energy infrastructure, forcing shutdowns at some production sites and refineries. While such disruptions usually support prices, broader market concerns and cautious trading kept oil prices under pressure.
Markets are now watching how quickly production restarts and whether further weather-related issues could tighten supplies in the days ahead.
