Oil prices rose in early Asian trading as tensions between the US and Venezuela escalated, according to a research note from analysts at Nanhua Futures. They cited S&P data showing a decline in tanker traffic to Venezuela, which could tighten supply flows and improve market sentiment.
Analysts believe this geopolitical risk has the potential to support oil prices in the short term, while investors will monitor developments in US-Venezuela relations for potential triggers for further price movements. During the session, the front-month WTI contract rose 0.7% to $57.13 per barrel, and the front-month Brent contract also rose 0.7% to $61.02 per barrel. (asd)
The oil price at the time of this analysis was $61.02.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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