Massive US winter storm and production cuts drive global oil prices higher
A severe winter storm reduced U.S. crude output by 15 percent as oil prices rose 1.4 percent. Compounding supply issues include recovery delays in Kazakhstan.
Insights:
Global oil prices increased on January 27, 2026, as a massive winter storm disrupted energy infrastructure across the US 
US. Brent Crude Oil futures climbed 90 cents, or 1.4 percent, to reach $66.49 a barrel by 1415 GMT. Simultaneously, WTI Crude Oil rose by 87 cents, or 1.4 percent, to settle at $61.50 a barrel. The price surge is largely attributed to the loss of up to 2 million barrels per day in American production over the weekend, representing roughly 15 percent of the national output.
US. Brent Crude Oil futures climbed 90 cents, or 1.4 percent, to reach $66.49 a barrel by 1415 GMT. Simultaneously, WTI Crude Oil rose by 87 cents, or 1.4 percent, to settle at $61.50 a barrel. The price surge is largely attributed to the loss of up to 2 million barrels per day in American production over the weekend, representing roughly 15 percent of the national output.The severe weather swept across the USGulf Coast, straining power grids and forcing refineries and production facilities to curtail operations. This significant disruption has created widespread expectations for substantial inventory drawdowns in the coming weeks. Additionally, the market is seeing support from the recent sharp rise in Heating Oil prices, driven by the intense cold weather affecting the US. A weakening USdollar has also provided further upward momentum for crude benchmarks.
