Oil Holds Four-Day Gain With Focus On US Blockade Of Venezuela

Summary:

Oil held a four-day gain as the US continued its blockade of shipments of crude from Venezuela.

West Texas Intermediate traded near $58 a barrel, after gaining about 5% in the past four sessions, while Brent closed near $62. President Donald Trump said the US will keep the oil from seized ships linked to Venezuela.

The US has taken control of two oil tankers and is still in pursuit of a third, as Trump intensifies pressure on Nicolás Maduro's government. Still, more than a dozen tankers have loaded oil off Venezuela's coast since the US administration ramped up efforts to curb Caracas' crude revenue.

The geopolitical tensions, including the threat of US land strikes against drug operations in Latin America, have helped lift oil. Nevertheless, prices have fallen almost 20% this year — on track for the biggest annual drop since 2020 — as increasing supply outpaces demand growth, leading to a glut.

Source: Bloomberg Europe

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Oil Holds Four-Day Gain With Focus On US Blockade Of Venezuela

Source: Bloomberg Europe

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