Oil Edges Lower As Kazakhstan Reports Progress In Restoring Oil Production

Oil prices traded lower on Tuesday amid easing disruptions to Kazakhstan’s oil exports after a Black Sea terminal was brought back into service.

Investors also watched ongoing U.S.-Iran tensions and supply disruptions stemming from extreme weather in the United States.

Benchmark Brent crude futures dipped 0.3 percent to $64.58 per barrel while WTI crude futures were down 0.2 percent at $60.52.

Kazakhstan signaled that it would resume production from the Tengiz oil field, its largest oil producing facility, helping traders pare back expectations of tighter supplies.

Kazakhstan’s Ministry of Energy has reported significant progress in restoring production operations at oilfields in the Atyrau region, following disruptions earlier this month.

Elsewhere, a winter storm and ensuing Arctic blast have claimed at least 34 lives across multiple U.S. states.

Extreme cold has left nearly 540000 people without power and knocked an estimated 12 percent of U.S. natural gas production off-line.

In Iran, foreign ministry spokesman Esmail Baqaei has warned that the Islamic Republic is fully prepared to deliver a “sweeping, regret-inducing response” to any act of aggression.

“The notion of carrying out a so-called limited, rapid and clean operation against Iran stems from incorrect assessments and an incomplete understanding of the defensive and offensive capabilities of the Islamic Republic,” the unnamed official said, as reported by Iran International citing Mehr News Agency.