By Georgina McCartney HOUSTON, Jan 27 (Reuters) - Oil prices rose by more than $1 a barrel on Tuesday as producers reeled from a winter storm that hobbled crude production and drove U.S. Gulf Coast crude exports to zero over the weekend.

Oil prices edged up on Tuesday as a massive winter storm hit crude production and affected refineries on the U.S. Gulf Coast.

Refined product futures were also climbing. The February ULSD contract was 1.18cts higher at $2.658/gal and the March contract was up 2.23cts to $2.4329/gal. The February RBOB contract was 1.03cts higher at $1.8755/gal and March RBOB was up 0.65ct to $1.8891/gal.

Oil price moves aren't random, and sharp reversals and stalls are often driven by options positioning and mechanical hedging flows, not news or fundamentals.

Oil futures settled lower in a rangebound session, supported in part by the loss of some U.S. production to winter storm Fern and gains in diesel prices as heating fuel demand rose.

Crude oil futures traded higher on Wednesday morning as a severe winter storm in the US disrupted crude oil production and exports from the US Gulf Coast.

Iran supply risk escalates as U.S. sends warships and sanctions target oil exports. Crude oil futures break key average, signaling extended rally ahead.

NEW YORK] Oil prices rose to their highest since late September on Wednesday on looming Iran concerns while a weak US dollar lent further support. Read more at The Business Times.

The most traded U.S.-listed oil exchange-traded funds opened higher on Tuesday, closely tracking a small rise in oil futures, as investors weigh Venezuela’s short-term supply and hedge exposure to the crude futures through the ETFs. United States Oil ...