Oil prices rose on Monday, December 1, after the Caspian Pipeline Consortium in russia's largest port of Novorossiysk suspended exports due to a major Ukrainian drone attack, and tensions between the United States and Venezuela heightened supply concerns.
It was reported by Ekonomichna Pravda with reference to Reuters.
The report says that Brent crude oil futures rose by USD 1.01, or 1.62%, to USD 63.39 per barrel.
West Texas Intermediate (WTI) futures increased by USD 1, or 1.71%, to USD 59.55.
Both contracts closed lower on Friday for the first time in four months, the longest losing streak since 2023, as expectations for higher global supply weighed on prices.
Opec+ agreed in early November to a pause in production increases, slowing an attempt to regain market share amid concerns about a possible oversupply.
After the meeting on Sunday, OPEC+ reiterated the importance of a cautious approach and maintaining full flexibility to extend the pause or make additional voluntary production adjustments.
According to the publication, on Saturday, US President Donald Trump said that "the airspace over Venezuela" should be considered closed, which caused new uncertainty in the oil market, as Venezuela is an important oil producer.
Trump said on Sunday that he had spoken with Venezuelan President Nicolás Maduro, but did not provide details.
He also did not expand on his comments about airspace or say whether they indicated possible military strikes.
In a client note, ING analysts wrote that "supply risks are rising following new Ukrainian attacks on Russian energy infrastructure and escalating tensions between the US and Venezuela."
The Caspian Pipeline Consortium, which includes russian, Kazakh and American shareholders, said on Saturday it had suspended operations after a berth at its russian terminal on the Black Sea was damaged by a Ukrainian drone attack.
The Consortium handles more than 1% of the world's oil supplies.
As the Ukrainian News agency earlier reported, oil prices on Monday, November 24, took a "breather" after falling by about 3% last week, as investors weighed the chances of a US interest rate cut against the prospect of a deal between russia and Ukraine that could free up more russian supplies by easing sanctions.
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