Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Oil prices settle lower as traders assess impact of winter output
Business World Philippines
|January 28, 2026
Oil prices settled slightly lower on Monday after climbing more than 2% in the previous session as investors assessed the impact on output in US crudeproducing regions from winter storms and the impact of any tensions between the US and Iran.
-
Brent crude futures closed down 29 cents, or 0.4%, at $65.59 a barrel, while US West Texas Intermediate (WTD crude was down 44 cents, or 0.7%, at $60.63.
Both benchmarks notched weekly gains of 2.7% to close on Friday at their highest since Jan. 14.
US oil producers lost up to 2 million barrels per day (bpd) or roughly 15% of national production over the weekend, analysts and traders estimated, as a winter storm swept across the country, straining energy infrastructure and power grids.
Oil production outages peaked on Saturday, consultancy Energy Aspects estimated, with the Permian Basin likely to have experienced the largest share of that decline at around 1.5 million bpd. Production losses eased on Monday, with Permian shut-ins estimated at about 700,000 bpd and production set to be fully restored by Jan. 30.
This story is from the January 28, 2026 edition of Business World Philippines.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Business World Philippines
Business World Philippines
Trade gap falls to 4-year low in 2025
THE Philippines’ trade-in-goods deficit narrowed to a four-year low in 2025, as exports rose by doubledigits and import growth remained muted, the Philippine Statistics Authority (PSA) reported on Tuesday.
5 mins
January 28, 2026
Business World Philippines
SEC sets stricter 9-year limit for independent directors
THE SECURITIES and Exchange Commission (SEC) is imposing a maximum cumulative nine-year term limit for independent directors of publicly listed companies starting in February, a move that will boost board independence, analysts said.
3 mins
January 28, 2026
Business World Philippines
Car sales may reach 503,000 in 2026, says CAMPI
CAR SALES are expected to breach 500,000 this year, driven by rising demand for electrified vehicles (EVs) and multipurpose vans, according to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI).
3 mins
January 28, 2026
Business World Philippines
BIR resumes tax audits
THE BUREAU of Internal Revenue (BIR) is resuming the issuance of letters of authority (LoA) and mission orders after a two-month suspension triggered by complaints these were being misused and weaponized.
2 mins
January 28, 2026
Business World Philippines
Philippine Coast Guard eyes bigger role in South China Sea military drills
THE Philippine Coast Guard is looking to expand its involvement in future US-Philippine naval exercises near the South China Sea, underscoring its intent to be more integrated into joint maritime operations, Manila’s armed forces said on Tuesday.
2 mins
January 28, 2026
Business World Philippines
Infant formula recall hits Danone, Nestlé shares
Shares in Danone slumped on Monday as French company Vitagermine widened a recall of baby formula on concerns over contamination, affecting four manufacturers so far and threatening combined losses exceeding $1 billion.
1 mins
January 28, 2026
Business World Philippines
Ye apologizes for antisemitic remarks, says he was treated for bipolar disorder
American rapper and record producer Ye, formerly known as Kanye West, took out a full-page advertisement in the Wall Street Journal on Monday to apologize for antisemitic remarks that drew years of backlash.
2 mins
January 28, 2026
Business World Philippines
Anta Sports gets 29% Puma stake for $1.8B
CHINA’S ANTA SPORTS Products said on Tuesday it would buy a 29.06% stake in Puma from the Pinault family for €1.5 billion ($1.8 billion), making it the biggest shareholder in the German sportswear maker.
2 mins
January 28, 2026
Business World Philippines
Pacesetting SMB targets pivotal Game 4 of Philippine Cup finals
SAN Miguel Beermen (SMB) are poised to move on the doorstep of the coveted crown jewel.
2 mins
January 28, 2026
Business World Philippines
Isuzu Philippines remains top truck brand with 42.2% market share
ISUZU PHILIPPINES CORP. said it achieved 42.2% market share in truck sales last year after selling 4,794 units.
1 min
January 28, 2026
Listen
Translate
Change font size