Oil mixed with U.S. freeze disrupting supply

January 28, 2026 (MLN): Oil prices traded mixed on Wednesday, with Brent crude edging slightly lower while U.S. West Texas Intermediate (WTI) futures posted modest gains, as markets weighed fresh supply disruptions against expectations of a surplus later this year.

Brent crude futures went down by $0.46, or 0.68%, to $68.03 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures decreased by $0.55, or 0.88%, to $62.94 per barrel by [11:23 am] PST.

Both global benchmarks had climbed nearly 3% in the previous session, driven by concerns that a severe winter storm in the United States had knocked out a significant portion of crude production and exports over the weekend.

U.S. producers temporarily lost up to 2 million barrels per day around 15% of total national output as freezing conditions strained energy infrastructure and disrupted power grids, according to CNBC.

The impact was also felt on the export front, with crude oil and liquefied natural gas shipments from U.S. Gulf Coast ports falling to zero on Sunday, data from ship-tracking firm Vortexa showed.

The weather-related outages, combined with overseas supply issues, are lending short-term support to prices.

Geopolitical developments also remained in focus. A U.S. aircraft carrier, accompanied by supporting warships, has arrived in the Middle East, according to U.S. officials, expanding Washington’s military posture in the region amid heightened tensions involving Iran.

On the policy front, OPEC+ which includes the Organization of the Petroleum Exporting Countries, Russia, and allied producers is expected to maintain its pause on planned output increases for March.

As traders digest conflicting signals from supply disruptions, inventory trends, and geopolitics, oil markets are expected to remain volatile in the days ahead.

Copyright Mettis Link News