Oil extended an advance after the US seizure of a sanctioned tanker off Venezuela heightened geopolitical concerns.
West Texas Intermediate rose to near $59 a barrel after advancing as much as 1.4% on Wednesday. Brent crude closed above $62. US forces intercepted and seized the very large crude carrier in a move that will likely deter others from shipping crude from OPEC member Venezuela.
Meanwhile, Ukraine attacked a shadow-fleet tanker linked to Russia's oil trade, even as the US pushes for a ceasefire.
The increased geopolitical tensions come against a bearish backdrop for crude, as increased production from OPEC+ and the Americas is set to overwhelm tepid demand growth and lead to a glut. Key market outlooks from OPEC and the International Energy Agency are due later Thursday, which may offer more insight on the supply-demand outlook.
Source: Bloomberg
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