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.

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

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.

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.

We look at the various diplomatic efforts taking place, and whether they could succeed in defusing tensions. On Wednesday, US President Donald Trump renewed threats of US military intervention in Iran if it does not reach a deal to curb its nuclear programme and ballistic missile capacity.

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