Oil prices held firm on Tuesday as traders weighed up risks from Ukrainian drone strikes on Russian energy sites, mounting United States (US)-Venezuela tension and mixed expectations for US fuel inventories.
Brent crude futures rose 7 cents, or 0.1%, to $63.24 a barrel. US West Texas Intermediate (WTI) crude gained 13 cents, or 0.2%, to stand at $59.45 a barrel.
Both benchmarks advanced more than 1% on Monday, while WTI was near a two-week high.
“Oil held gains as traders awaited President Trump’s moves on Venezuela and assessed Black Sea terminal damage,” Saxo analysts said in a note to clients.
On Monday, the Caspian Pipeline Consortium said it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on November 29.
–Reuters–
