Oil rose 1.5% amid supply disruptions in Kazakhstan

Oil drilling rigs

Oil prices rose at the close of trading today, Jan. 20, supported by a temporary production halt at key fields in Kazakhstan. In addition, latest Chinese economic data boosted expectations of growth in global fuel demand.

Brent crude futures for March delivery rose 1.53%, or 98 cents, to $64.92 a barrel.

WTI crude oil futures for February delivery, which expired today, added 1.51% or 90 cents to $60.34 a barrel.

The main support for oil prices came from the announcement by the Kazakh company Tengizchevroil that production had been disrupted at the Tengiz and Korolev oil fields following a problem that affected electricity distribution systems.

Oil also received support from better-than-expected Chinese economic data, with GDP growing by 5% last year and refinery utilization rates rising by 4.1% year-on-year in 2025.

Conversely, trade and geopolitical tensions remained a potential restraining factor on prices, as markets monitored US President Donald Trump’s threats to impose additional tariffs on European countries that oppose his efforts to take over Greenland.