Oil prices spiked to $84.60 per barrel, concerns about U.S. winter storms

Oil prices increased in sluggish trade on Tuesday, owing to concerns about winter storms in the U.S. are disrupting logistics and shale oil production.

Brent crude Oil prices had increased with 73 cents, or 0.9%, to $84.60 per barrel, but U.S. West Texas Intermediate crude had increased with 85 cents, or 1.1%, to $80.40 per barrel.

WTI climbed by 2.7% on Friday, while Brent increased 3.6%

flights had cancelled over 2,700 U.S. flights after the weather caused chaos at airports around country.

Russia may reduce oil output by 5% – 7% in early 2023 in response to price caps, News agency RIA said on cited Deputy PM Alexander Novak said on Friday.