Oil prices rose on Friday (December 12), supported by concerns over Venezuelan supply disruptions, although they remained on track for a weekly decline as oversupply and a potential Russia-Ukraine peace deal remained in focus.

Brent crude futures rose 33 cents, or 0.54%, to $61.61 a barrel at 0921 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.61%, to $57.95. Both benchmarks fell about 1.5% on Thursday.

Several factors supporting prices remain, including escalating tensions between the U.S. and Venezuela and a Ukrainian drone attack on a Russian oil platform in the Caspian Sea, said Janiv Shah, an analyst at Rystad Energy.

The United States is preparing to intercept more vessels carrying Venezuelan oil following the seizure of a tanker this week, six sources familiar with the matter said on Thursday.

Russian oil product exports by sea in November fell only 0.8% from October, with the completion of refinery maintenance helping offset a sharp drop in fuel exports from southern routes such as the Black Sea and the Sea of ​​Azov, data from industry sources and Reuters calculations show.

The Brent and WTI benchmarks have lost more than 3% this week, reflecting broader market uncertainty. While there may be sporadic support from supply cuts, the overall market mood reflects supply exceeding demand, and any gains are expected to be short-lived, said PVM Oil Associates analyst Tamas Varga. (alg)

Source: Reuters.com