Brent crude futures rose 32 cents, or 0.52%, to $61.60 a barrel and United States (US) West Texas Intermediate crude was at $57.94 a barrel, up 34 cents, or 0.59%. Both benchmarks fell about 1.5% on Thursday.
The US is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week, as it increases pressure on Venezuelan President Nicolas Maduro, six sources familiar with the matter said on Thursday. The US seizure this week raised concerns about supply disruptions. “After selling on expectations that supply pressures would ease amid hopes for a Russia-Ukraine peace agreement, buying emerged to pare losses following the US seizure of a Venezuelan tanker,” said Hiroyuki Kikukawa, Chief Strategist of Nissan Securities Investment, a unit of Nissan Securities.
“Peace negotiations between Russia and Ukraine will remain the main focus next week and beyond,” he said, noting that WTI could test the $55 level if a deal is genuinely reached. So far this week, both contract have lost more than 3%, reflecting broader market uncertainties. ANZ Research analysts attributed recent declines to a risk-off sentiment and a subdued oil market outlook.
–Reuters–
