Oil Prices Decline Despite Winter Storm Impacts
Oil prices dropped on Tuesday, despite the significant effects of a winter storm on crude production and refinery operations along the Gulf Coast of the United States.
Brent crude futures fell by 28 cents, or 0.4%, settling at $65.31 per barrel, while West Texas Intermediate (WTI) crude dropped 24 cents, also by 0.4%, to $60.39 per barrel.
Analysts and traders in the United States indicated that production may have decreased by as much as two million barrels per day, approximately 15% of national output, at the beginning of this week due to the winter storm that swept across the country, which put pressure on energy infrastructure and electrical grids.
