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

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.

WTI crude oil rallies above $62.20 resistance, targeting previous tops at $64.75 and $66.49 with bullish momentum intact. Winter storm disrupts U.S. crude production, sending Gulf Coast exports to zero before rebounding as supply tightens.

Brent crude oil futures on the Intercontinental Exchange (ICE) ($64.10/barrel) was up 1.2 per cent last week whereas crude oil futures in the domestic market (₹5,449/barrel) gained 1.5 per cent. Here is the outlook and trade recommendation:

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 needs Iran supply shock to break resistance, Reuters columnist says. Technical setup suggests market anticipates production disruption with breakout over $66.49.

AM Friday, January 30.Light Sweet Crude (NYMX)1,000 bbl.- dollars per bbl. ContractOpenHighLowLastChangeToday's VolumeThursday's VolumeMar 2665.5265.9263.6465.68+.26202332528618Apr 2665.0665.4063.2165.

Oil prices were mixed in Asia’s morning session, but may be supported by lingering Middle East tensions that could lead to supply disruptions.

Gold, silver, oil, and copper all hit records on geopolitical risks and speculative buying, driving a broad commodity market rally.

Oil prices settled 3% higher 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 futures slipped, with the market watching for talks between the U.S. and Iran that could put off potential U.S. military action.