Oil Prices Stable Amid US Winter Storm, OPEC+ Meeting, and Middle East Tensions

• Crude oil prices remained stable on Monday, with WTI around $61 and Brent below $66 per barrel.
• A severe winter storm in the US Texas and Gulf Coast regions led to refinery shutdowns and reduced oil production.
• Despite reduced supply due to the storm, lower demand from people staying indoors balanced the market, preventing price hikes.
• OPEC+ is expected to maintain current oil production levels in their upcoming meeting, avoiding sudden market fluctuations.
• Escalating US-Iran tensions and US naval deployment in the Middle East are providing some support to oil prices due to supply concerns.

Why It Matters: Oil prices are stable as reduced US supply and demand balance out, with geopolitical tensions adding support.