Oil Steady as Market Weighs Venezuela, Russia Supply Risks

PUKMEDIA

Oil prices.

Oil prices held steady on Tuesday after rising more than 2% in the previous session, as the U.S. said it might sell the Venezuelan crude it has seized, while Ukraine's attacks on Russian vessels and piers heightened fears of supply disruption.

According to Reuters, Brent crude futures edged lower by 6 cents, or 0.1%, to $62.01 per barrel by 0440 GMT. U.S. West Texas Intermediate (WTI) crude slipped 9 cents, or 0.16%, to $57.92.

On Monday, Brent posted its best daily performance in two months and WTI climbed the most since November 14.

On Monday, U.S. President Donald Trump said the U.S. might keep or sell the oil it had seized off the coast of Venezuela in recent weeks, amid his pressure campaign on Venezuela, which includes a "blockade" of oil tankers under sanctions entering and leaving the country.

Meanwhile, Russia and Ukraine waged attacks on each other's facilities on the Black Sea, a vital export route for both countries.

Russian forces struck Ukraine's Black Sea port of Odesa late on Monday and damaged port facilities and a ship, in the second attack on the region in less than 24 hours.

A Ukrainian drone attack damaged two vessels, two piers and sparked a fire in a village in Russia's Krasnodar region, regional authorities said on Monday.

Ukraine has also targeted Russia's maritime logistics, focusing on shadow-fleet oil tankers that attempt to bypass sanctions on Russia over the nearly four-year war.



PUKMEDIA