Crude Oil Price in US on January 21 2026: A Dip Amid Inventory Fears, Geopolitical Tension as WTI Slides Under $60

Crude oil prices slipped on January 21, 2026 with WTI falling below $60 per barrel amid mixed market signals. Prices had risen in past month but remain significantly lower than a year ago. Stronger global pressures offset short-term supply shocks. 

Crude oil price slips as markets absorb conflicting signals

Crude oil prices fell on January 21, 2026, with a key benchmark dipping below $60 per barrel, according to Trading Economics. Trading in the United States showed WTI crude oil around $59.51 a barrel, down from the previous day. This drop comes even after prices had risen slightly over the past month but remain more than 20 per cent lower than a year ago.

Market sentiment was mixed as traders balanced supply concerns with expectations of rising inventories. The drop under $60 marked a return of selling pressure after short-lived gains in the previous session.

Geopolitical tension adds pressure

Geopolitical issues also weighed on prices. Comments from global leaders, including ongoing international tensions and possible new tariffs on European nations, contributed to concerns about slower economic growth. These wider issues have made some investors cautious about demand for oil in the coming months.

In the United States, forecasts suggested that crude and gasoline inventories might increase, which tends to push prices lower. At the same time, stockpiles of certain fuel types were seen falling, adding a complex layer to market expectations ahead of official data releases.

Temporary supply disruption from Kazakhstan

On the supply side, there was news that Kazakhstan temporarily halted production at the Tengiz and Korolev oil fields due to power issues. This outage could last for a week to ten days. Though this reduced supply in the short term, analysts said the effect may be limited and not enough to outweigh other downward pressures.

Other global factors affecting oil trading

Elsewhere, global events also influenced trader decisions. Actions like the seizure of Venezuela-linked oil tankers by US forces as part of sanctions enforcement added another dimension to supply concerns. However, such developments were not enough to push prices back above key resistance levels.

What experts say

Analysts say the oil market is currently facing a mix of factors: geopolitical tension, possible inventory rises, and temporary supply issues. These competing forces have kept prices in a range near $60 per barrel, as traders try to weigh likely direction in the near term.

As US President Donald Trump said there would be 'no going back' on his plans linked to Greenland, signalling that his position remains firm, experts are watching closely. His earlier warnings about imposing new tariffs on European countries have added to worries about slower global economic growth. At the same time, market expectations showed that US crude oil and petrol stocks likely increased last week. However, distillate fuel stocks, such as diesel, were expected to fall, with traders waiting for official figures from the US Energy Information Administration (EIA).