Oil prices rise on Caribbean tensions, global supply concerns.
Brent crude futures rose $1.01, or 1.62 percent, to $63.39 a barrel by 04:01 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.01, or 1.71 percent, to $59.55.
Both contracts fell for a fourth straight month on Friday, their longest losing streak since 2023, as expectations of a global supply glut weighed on prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies initially agreed to temporarily halt production in early November and have slowed efforts to regain market share amid concerns about a supply glut.
OPEC+ said after Sunday’s meeting that it “reiterates the importance of taking a cautious approach and maintaining full flexibility to continue to suspend or cancel further voluntary production cuts.”
Separately, U.S. President Donald Trump said on Saturday that “airspace over and around Venezuela” should be considered closed, a move that has caused renewed concern and uncertainty in the oil market, as the South American country is a major producer.
Trump said on Sunday that he had spoken to Venezuelan President Nicolas Maduro, but did not provide details. He also did not elaborate on his comments about airspace or whether they signaled future military strikes.
“Supply risks are increasing following further Ukrainian attacks on Russian energy infrastructure and escalating tensions between the United States and Venezuela,” ING analysts wrote in a note to clients.
The Caspian Pipeline Consortium, which has shareholders from Russia, Kazakhstan, and the United States, said on Saturday it had suspended operations after a Ukrainian drone damaged a berth at its Russian terminal in the Black Sea. The consortium manages more than 1 percent of the world’s oil.
In Europe, rising concerns and uncertainty about a peace deal between Russia and Ukraine reversed a two-week decline in oil prices, when a peace deal seemed imminent and raised the prospect of large volumes of Russian oil entering the market.
Separately, the Ukrainian military said on social media on Saturday that it had targeted a Russian oil refinery and the Briv military aviation plant in the Rostov region.