Oil prices stable amid supply risks from Venezuela and Russia
Kyiv • UNN
Oil prices held steady after rising as the US considers selling confiscated Venezuelan oil, and attacks on Russian vessels and terminals heighten fears of supply disruptions. Brent futures fell to $62.01, and WTI to $57.92.
Oil prices remained stable on Tuesday after rising more than 2% in the previous session, as the US announced the possibility of selling confiscated Venezuelan oil, and damage to Russian ships and berths heightened fears of supply disruptions, UNN reports with reference to Reuters.
Details
Brent crude futures fell 6 cents, or 0.1%, to $62.01 a barrel at 04:40 GMT (06:40 Kyiv time). US West Texas Intermediate (WTI) crude fell 9 cents, or 0.16%, to $57.92.
On Monday, Brent crude posted its best daily performance in two months, and WTI showed its biggest gain since November 14.
"Oil markets are navigating the final weeks of 2025, with prices largely remaining subdued, reflecting a battle between persistent bearish fundamentals and intermittent bullish headlines," Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, noted in her report.
Although prices showed a moderate rebound amid geopolitical news throughout 2025, overall, she said, there is a balance between sluggish demand and oversupply.
"Overall, the trend remains weak as concerns about structural supply issues overshadow short-lived rallies driven by de-risking," she noted.
However, markets are exercising caution as traders weigh geopolitical risks against forecasts of oversupply in early 2026, making prices potentially sensitive to any prolonged disruptions.
On Monday, US President Donald Trump said the US could keep or sell oil seized off the coast of Venezuela in recent weeks as part of its pressure campaign against Venezuela, which includes a "blockade" of sanctioned oil tankers entering and leaving the country.
"Indeed, even if Venezuelan oil exports fall to zero in the near term, oil markets are likely to remain well supplied in the first half of 2026," Barclays said in a note on Monday.
However, Barclays estimates that the global oil surplus will shrink to 700,000 barrels per day in the fourth quarter of 2026, and a prolonged disruption could exacerbate market conditions by depleting recent inventories.
Meanwhile, Russia and Ukraine attacked each other's facilities in the Black Sea, a vital export route for both countries, the publication writes.
Late Monday, Russian forces struck the Ukrainian Black Sea port of Odesa, damaging port facilities and a vessel. This is the second attack in the region in less than 24 hours.
On Monday, a drone damaged two vessels, two berths, and caused a fire in a village in Russia's Krasnodar region, regional authorities reported.
Meanwhile, there are also hits on Russian maritime logistics, with particular attention to shadow oil tankers attempting to circumvent sanctions against Russia imposed in connection with the nearly four-year war, the publication notes.