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West Texas Intermediate crude oil prices declined on Wednesday as traders focused on mounting geopolitical uncertainty and expectations of a build in U.S. crude inventories, which overshadowed supply disruptions from Kazakhstan. Despite a temporary halt in production at two major Kazakh oil fields, broader market pressures continued to dominate oil price movements.
WTI crude for March delivery fell 79 cents, or 1.31%, to trade at $59.57 per barrel by 0008 GMT. This pullback followed a strong previous session in which the contract gained 90 cents, or 1.51%. Meanwhile, Brent crude for March had not yet begun trading on Wednesday, but it rose 98 cents, or 1.53%, to settle at $64.92 per barrel in the prior session, supported by supply concerns and upbeat economic data from China.
Oil prices initially climbed after Kazakhstan, an OPEC+ member, temporarily suspended output at the Tengiz and Korolev oil fields due to power distribution problems. Industry sources told Reuters that production at these sites could remain offline for another seven to ten days. Tengiz is one of the world’s largest oil fields, making any disruption closely watched by global energy markets. However, analysts noted that the outage is short-lived and unlikely to significantly tighten global supply.
According to IG market analyst Tony Sycamore, the temporary production halt has been outweighed by persistent geopolitical risks and expectations of rising U.S. crude stockpiles. Adding to market uncertainty, U.S. President Donald Trump reiterated there was “no going back” on his objective to control Greenland, renewing concerns over potential trade tensions. His earlier threat of imposing new tariffs on several European countries if negotiations fail has raised fears of slower economic growth, which could dampen oil demand.
Market participants are also awaiting key U.S. inventory data. A preliminary Reuters poll indicated that U.S. crude oil and gasoline inventories likely increased last week, while distillate stockpiles were expected to fall. The official Energy Information Administration report, due Thursday, is expected to provide further direction for crude oil prices in the near term.
Overall, oil markets remain sensitive to a mix of supply disruptions, geopolitical developments, and inventory trends, keeping volatility elevated for both WTI and Brent crude prices.
