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

Jan 28 (Reuters) - Citi said on Wednesday that oil prices may stay elevated due to rising geopolitical risks, U.S. restrictions on Russian oil purchases and continued Chinese buying, even as markets entered the year expecting a large oversupply.

Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending January 24, according to new data from the U.S. Energy Information Administration (EIA) released on W

An abrupt surge in oil prices could cause inflation to rise and spark volatility in markets. Brent on Tuesday jumped to the highest level since November.

Oil prices climbed Tuesday, with U.S. benchmark prices settling back above $60 a barrel for the first time in nearly a week, with traders likely “giving much more credence” to the International Moneta

Billionaire oil magnate Harold Hamm has ceased drilling operations in North Dakota's Bakken shale, citing low margins as oil prices remain near the $50 per barrel range and costs increase.

In the budget-2026, the Ministry of Finance of the Russian Federation laid down the average price of a barrel of Urals at $59 and a deficit of 3.8 trillion rubles. At the end of last year, the hole in the treasury reached 5.7 trillion rubles, and in relative terms - 2.6% of GDP - set a record since 2020.