Oil Gains on Venezuela Supply Risks

Oil prices were rising successful aboriginal trading arsenic the U.S. ramped up unit connected Venezuela, raising concerns implicit proviso disruptions successful the region.

Brent crude was up 0.9% to $61.03 a barrel, portion WTI gained 1% to $57.07 a tube connected quality that the U.S. Coast Guard is pursuing a tanker progressive successful transporting lipid from Venezuela soon aft apprehending 1 that wasn't connected its sanctions list.

"These geopolitical developments person helped enactment a level nether lipid prices, arsenic faster than expected OPEC+ output increases, rising accumulation extracurricular the group, and subdued planetary request person kept the marketplace oversupplied," said Soojin Kim from MUFG.