US EditionOil Prices Fall as Risks From Kazakh Production Halt Subside
U.S. crude inventories rose by about 1.7 million barrels, outweighing output halt at Kazakh Tengiz and Korolev fields and geopolitical tariff risks, analysts said.
- TOKYO, Jan 21 - Oil prices fell as analysts estimated U.S. crude inventories rose by about 1.7 million barrels in the week to January 16, amid geopolitical uncertainties.
- After fires damaged power infrastructure, output stopped at Kazakhstan's Tengiz and Korolev oilfields, with industry sources saying shutdowns could last seven to 10 days.
- API data is due at 4:30 p.m. EST, and the EIA report follows on Thursday, with Brent futures down $0.79 to $64.13 and WTI at $59.72.
- Brew warned in a note that `While the U.S. demurred from striking Iran immediately, tensions are likely to remain high as additional U.S. military assets move to the Middle East and diplomacy to de-escalate tensions fails to make progress.`
- Temporary outages have briefly supported prices, but while the Kazakhstan outage impact was initially bullish, recent weeks of geopolitical risk and supply outages highlight a market outlook for 2026 set to be oversupplied.
13 Articles
13 Articles
Oil prices fell on January 21 as an expected increase in U.S. crude oil inventories outweighed a temporary halt in production at two large fields in Kazakhstan and geopolitical pressure from Trump, who is threatening Europe with tariffs as part of his attempts to get...
WTI oil prices fall as risks from Kazakh production halt subside
Crude oil prices dipped on Wednesday, with West Texas Intermediate falling as geopolitical tensions and anticipated U.S. inventory builds overshadowed a temporary output halt in Kazakhstan. Despite a brief rally on strong China data and the Kazakh field shutdowns, broader market pressures are expected to persist, impacting global oil markets.
Oil Prices Slip as Traders Look Past Kazakhstan Disruption
Oil prices fell in early Asian trading on Wednesday, with traders shifting focus away from what will likely be a short-lived supply disruption in Kazakhstan and back toward the prospect of rising U.S. inventories and renewed macro uncertainty tied to trade threats. At the time of writing, Brent was down $0.79 or 1.22% at $64.13 per barrel, while WTI had fallen $0.64 or -1.06% to $59.72. The decline comes a day after crude posted strong gains, bu…
Prices were also favored by the weaker dollar during the session, which tends to make the commodity cheaper for buyers in emerging market currencies.
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
