Oil falls as investors assess supply prospects

Oil drilling rigs

Oil prices fell during trading today, Jan. 27, as markets assessed Kazakhstan's resumption of production from its largest oil fields amid declining supplies in the US.

Brent crude was trading down 0.5% at $65.25 a barrel, at 09:02 am Makkah time. West Texas Intermediate (WTI) fell 0.4% to $60.43 a barrel.

The decline in oil prices was mitigated by a drop in US production due to a severe winter storm that swept through the country, damaging energy infrastructure and electricity networks, amid expectations of a loss of up to two million barrels per day, Reuters reported.

The American Petroleum Institute's report on US oil inventories is expected early on Jan. 28, ahead of the official data release from the US Energy Information Administration in the evening.