Muscat: Oil prices rose today as concerns over supply persisted due to a winter storm that disrupted crude oil production and exports in the United States. Brent crude futures gained 28 cents, or 0.4 percent, to USD 67.85 a barrel, while US West Texas Intermediate (WTI) crude rose 35 cents, or 0.6 percent, to USD 62.74 a barrel. Both benchmarks rose by about 3 percent yesterday "Tuesday".
According to Oman News Agency, the winter storm has significantly impacted operations in the key oil-producing regions, leading to a decrease in output and affecting export logistics. This disruption in the supply chain has consequently led to an upward trend in oil prices as the market reacts to the potential for prolonged production challenges.
The increase in oil prices comes amid heightened concerns over energy supply stability during the winter months, a period typically characterized by higher demand. The market is closely monitoring the situation, with analysts suggesting that any prolonged disruptions could further escalate prices in the short term.