WTI Oil Prices Drop as Kazakh Production Halt Risks Subside, US Inventories Rise

• West Texas Intermediate (WTI) crude oil prices fell on Wednesday, with March contracts dropping 1.31% to $59.57 a barrel.
• The decline was influenced by subsiding risks from a temporary production halt at Kazakhstan's Tengiz and Korolev oilfields.
• Geopolitical tensions and an expected increase in US crude inventories also contributed to the downward pressure on prices.
• The Kazakh oilfields, part of OPEC+, halted output due to power distribution issues and could remain shut for another 7-10 days.
• Brent crude for March gained 1.53% to $64.92 in the previous session, before Wednesday's trading began.

Why It Matters: WTI oil prices fell due to easing Kazakh supply concerns and anticipated US inventory builds, despite temporary halts.