WTI falls to near $60.50 despite supply concerns
Oleh Akhtar Faruqui
Tarikh Diterbitkan: 27 Jan 2026 | Tarikh Diubah: 27 Jan 2026
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West Texas Intermediate (WTI) Oil price continues to decline after registering over 0.50% losses in the previous session, trading around $60.50 per barrel during the Asian hours on Tuesday.
- WTI may gain support as US producers lost up to 2 million bpd after winter storm disruptions.
- Energy Aspects said outages peaked Saturday; Permian losses hit 1.5 million bpd, easing to 700,000 bpd by Monday.
- Oil prices may rise on mounting geopolitical risks as US–Iran tensions intensify, keeping markets on edge.
West Texas Intermediate (WTI) Oil price continues to decline after registering over 0.50% losses in the previous session, trading around $60.50 per barrel during the Asian hours on Tuesday. However, Crude Oil prices could gain support amid supply concerns, as estimates indicate United States (US) producers lost up to 2 million barrels per day (bpd) over the weekend after a winter storm disrupted energy infrastructure and power grids.
Reuters cited Consultancy Energy Aspects, saying outages peaked on Saturday, with the Permian Basin accounting for the bulk of the decline at around 1.5 million bpd. Losses eased on Monday, with Permian shut-ins seen near 700,000 bpd and output expected to be fully restored by January 30.
Oil prices could also gain as traders’ concerns increase on geopolitical risks, as tensions between the US and Iran keep markets on edge. US President Donald Trump said last week that the US has an "armada" heading toward Iran but hoped he would not have to use it, renewing warnings to Tehran against killing protesters or restarting its nuclear programme.
Crude prices came under pressure as Kazakhstan prepared to resume output at its largest Oilfield, the energy ministry said on Monday, though industry sources noted production remained limited and force majeure on CPC Blend exports was still in effect.
The Caspian Pipeline Consortium, which operates Kazakhstan’s main export pipeline, said on Sunday that its Black Sea terminal had returned to full loading capacity after maintenance was completed at one of its three mooring points, according to a Reuters report.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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