Ammon News - Oil prices fell on Tuesday as investors kept an eye on a resumption in supply from Kazakhstan, but price declines were limited as a massive winter storm hit ​crude production and affected refineries on the U.S. Gulf Coast.

Brent crude futures fell 41 cents, ‌or 0.6%, to $65.18 a barrel as at 0740 GMT. U.S. West Texas Intermediate crude was down 30 cents, or 0.5%, at $60.33 a barrel.

Kazakhstan is poised to resume production from its biggest oil field, its energy ministry said on Monday, though industry sources said volume was still low.

Oil price declines were tempered ‍by a loss of production in the U.S. as a severe winter storm swept across the country, straining energy infrastructure ‌and ‌power grids.

U.S. oil producers lost up to 2 million barrels per day or roughly 15% of national production over the weekend, analysts and traders estimated.

On the geopolitical ⁠front, a U.S. aircraft ​carrier and supporting warships have arrived in the Middle East, two U.S. officials told Reuters on Monday, expanding President Donald Trump's capabilities to defend U.S. forces, or potentially take military action against Iran.

Further on the supply front, eight members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to keep the group's pause on oil ​output increases for March at a meeting on February 1, ‍three OPEC+ delegates told Reuters.

The eight OPEC+ members meeting are Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman.

Reuters