Oil prices were mostly flat in European trade on Tuesday, cooling after sharp gains in the prior session as heightened tensions between the U.S. and Venezuela and attacks on Russian oil infrastructure pointed to disruptions in global supplies.
Trading volumes were thin ahead of the year-end holidays, while oil prices were still nursing deep losses this year on concerns over slowing demand and a looming supply glut.
Brent oil futures for February rose 0.1% to $62.12 a barrel, while West Texas Intermediate crude futures were unchanged at $58.01 a barrel
US-Venezuela tensions in focus; Trump threatens to keep seized oil
The U.S. was seen attempting to seize a third oil tanker linked to Venezuela this week, just shortly after U.S. President Donald Trump ordered a blockade on sanctioned oil tankers entering or leaving the country.
Trump kept up his harsh rhetoric against Caracas and President Nicolas Maduro, suggesting he should step down.
In a Monday evening address, Trump said the U.S. will keep the crude oil and tankers seized near Venezuela.
"We're going to keep it… Maybe we'll sell it, maybe we'll keep it, maybe we'll use it in the strategic reserve," Trump said.
Venezuela is the world's 12th-largest oil producer, and has the largest proven oil reserve in the world. Increased U.S. military actions stand to disrupt the country's oil shipments, with China being a major buyer of Venezuelan oil.
Russia-Ukraine, M.East disruptions in focus
The Russia-Ukraine war offered some risk premium to oil prices this week, after Kyiv, in a wave of attacks, struck a major Russian oil terminal, a pipeline, and at least two vessels.
The move stands to further disrupt Russian oil shipments, which already face strict U.S. sanctions. Continued attacks between Russia and Ukraine also dulled the prospect of an immediate ceasefire.
Tensions between Israel and Iran also came back to fore this week, after reports said Jerusalem was seeking a fresh offensive against Iran. Tehran's missile tests also ramped up uncertainty over the oil-rich region, and offered oil some risk premium.
Source: Investing.com
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