US EditionOil prices surge amid US-Venezuela standoff
3 Articles
3 Articles
Oil prices surge amid US-Venezuela standoff
International oil benchmarks posted modest gains on Tuesday as the market entered a holiday-shortened week. Investors remained focused on the escalating geopolitical friction between Washington and Caracas, which has introduced a risk premium into an otherwise oversupplied market.
Oil prices have stabilized today, Wednesday, after five consecutive sessions of gains, supported by the strong growth of the United States economy and the fears of interruptions in supplies from Venezuela and Russia.
Reuters reports. Brent crude oil futures rose 15 cents, or 0.2%, to $62.53 per barrel, and West Texas Intermediate oil rose 18 cents, or 0.3%, to $58.56. Both varieties have risen about 6% since December 16, when prices fell to a near five-year low.” “What we have observed over the past week is a combination of leveling off in inactive markets after last week's failure to pick up momentum, coupled with heightened geopolitical tensions, including…
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