Brent crude oil futures rose about 1.5% to $66.6 per barrel on Tuesday, after a 0.7% loss on Monday, as a severe US winter storm disrupted crude production and refinery operations.

US oil producers lost up to 2 million barrels per day, or roughly 15% of national output, over the weekend as freezing weather strained energy infrastructure and power grids.

Several refineries along the US Gulf Coast also reported weather related issues, raising concerns about near term fuel supply and potential stock drawdowns if cold conditions persist. Geopolitical risk remained in focus after the US deployed an aircraft carrier and supporting warships to the Middle East, keeping tensions elevated.

On the other hand, supply concerns were partly offset by expectations of increased output from Kazakhstan as production at the Tengiz field prepares to resume and the CPC pipeline returned to full loading capacity, while OPEC+ is expected to maintain current production levels at its upcoming meeting.
Source: Trading Economics