Oil prices climbed in early trade on Tuesday as the market assessed risks stemming Russia-Ukraine conflicts and mounting U.S.-Venezuela tensions.<\/p>\n
Bloomberg Creative | Bloomberg Creative Photos | Getty Images<\/p>\n
Oil\u00a0prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions.<\/p>\n
Brent<\/a> crude futures\u00a0rose 14 cents, or 0.2%, to $63.31 a barrel by 0102 GMT. U.S. West Texas Intermediate crude<\/a>\u00a0gained 18 cents, or 0.3%, to $59.50 a barrel.<\/p>\n Both benchmarks advanced more than 1% on Monday.<\/p>\n The\u00a0Caspian Pipeline Consortium\u00a0said on Monday that it had resumed\u00a0oil\u00a0shipments from one mooring point at its Black Sea terminal following a major Ukrainian\u00a0drone attack\u00a0on November 29. Russia’s Kommersant daily, citing unnamed sources, said on Monday that\u00a0oil\u00a0loadings had resumed via the single point mooring 1 (SPM 1), while SPM 2 was damaged.<\/p>\n “The military action further supports our opinion that a peace deal is highly unlikely anytime soon and that the diesel\/gasoil\u00a0markets are on the cusp of pulling the complex back up,” analysts at Ritterbusch and Associates said in a note.<\/p>\n On the negotiation front, Ukrainian President Volodymyr Zelenskyy said on Monday\u00a0Kyiv’s priorities\u00a0were to maintain sovereignty and ensure strong security guarantees, and that territorial disputes remained the most complicated.<\/p>\n U.S. envoy Steve Witkoff is due to brief the Kremlin on Tuesday.<\/p>\n ANZ noted that the widening U.S. campaign against Venezuela is raising concerns that\u00a0oil\u00a0exports may be further impacted.<\/p>\n U.S. President Donald Trump held talks with top advisers to discuss the pressure campaign on Venezuela,\u00a0a senior U.S. official\u00a0said. On Saturday, Trump said the airspace above and surrounding Venezuela should be considered “closed in its entirety,” but gave no further details.<\/p>\n Meanwhile, on Sunday,\u00a0OPEC+\u00a0reaffirmed a small\u00a0oil\u00a0output increase for December and a pause in increases in the first quarter of next year due to rising fears of a supply glut.<\/p>\n “Fundamentals tend to rule over the longer term, and we still view this deterioration in the\u00a0global\u00a0balances as capable of forcing\u00a0oil\u00a0values lower with probabilities in WTI and Brent respectively to the $55 and $59 areas still quite high,” Ritterbusch added.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices climbed in early trade on Tuesday as the market assessed risks stemming Russia-Ukraine conflicts and mounting…\n","protected":false},"author":2,"featured_media":163406,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,357,1435,30937,85,46,16755,2388,18413,60098],"class_list":["post-163405","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-business-news","tag-energy","tag-ice-brent-crude-oct25","tag-il","tag-israel","tag-oil-and-gas","tag-russia-ukraine-war","tag-venezuela","tag-wt-offshore-inc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/163405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=163405"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/163405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/163406"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=163405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=163405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=163405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}