Reuters reported that oil prices rose on concerns about supply disruptions from Venezuela, despite expectations of a weekly decline and optimism about the prospects for a peace deal between Russia and Ukraine.
Brent crude futures were up $0.43, or 0.70%, at $61.71 a barrel by 7:52 a.m. Yerevan time, while U.S. West Texas Intermediate (WTI) crude also rose $0.43, or 0.75%, to $58.03 a barrel, after falling about 1.5% on Thursday.
The United States is preparing to seize more ships carrying Venezuelan oil after a recent seizure of tankers, Reuters sources said, increasing pressure on Venezuelan President Nicolas Maduro and raising concerns about supply disruptions.
Analysts say a breakthrough in peace talks between Russia and Ukraine could push WTI crude prices back to $55 a barrel, while both oil contracts are down more than 3% in a week, reflecting overall market uncertainty.
The U.S. Federal Reserve’s decision to cut interest rates has added uncertainty to future oil demand, and forecasts for global market balance through 2026 remain mixed.
The International Energy Agency is forecasting a supply surplus, while OPEC is forecasting a balanced market.
The shutdown of an oil platform in the Caspian Sea after a Ukrainian drone strike put additional pressure on prices, which also affected market sentiment.
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