Oil prices mixed on global supply outages, harsh weather in US

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Oil prices edged higher on Monday, supported by global supply disruptions and challenging weather conditions in the US, but a possible resolution to US-Iran sanctions is tempering price rises.

International benchmark Brent crude was trading at $93.50 per barrel at 0600 GMT with a 0.25% gain after closing the previous session at $93.27 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $92.03 per barrel at the same time for a 0.30% drop after ending the earlier session at $92.31 a barrel.

Oil prices continued their hikes from Friday amid supply disruptions in Libya and an explosion on an oil production ship off the coast of Nigeria.

As the US grapples with power outages, a massive winter storm threatens supply disruptions in the Gulf of Mexico.

Ongoing tensions in Eastern Europe are also pushing prices higher, as Russia poses a threat to an invasion of Ukraine.

However, with the US and Iran entering the final phase in nuclear talks, price increases have been curtailed.

Some exemptions have been restored that were previously revoked from Iran’s civilian nuclear activities. Progress in the nuclear negotiations between the US and Iran could see a return to Iranian oil on the market.

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