Oil held a gain as investors weighed the outlook for a ceasefire in Ukraine and the fallout from tensions between the US and Venezuela.
West Texas Intermediate was near $59 a barrel after rising 0.5% in the previous session. Brent closed marginally higher above $62. President Donald Trump said a meeting between his envoy and President Vladimir Putin was “reasonably good” but acknowledged he doesn’t know what the outcome will be following rounds of talks over a deal to end Russia’s war in Ukraine.
Separately, Trump reiterated the US will start striking drug cartels on land in Venezuela very soon. American forces have been massing in the region, with the situation adding some risk premium to oil prices, partially offsetting concerns around a surplus that’s expected to swell to a record next year.
US crude inventories rose by 574,000 barrels last week, according to government data on Wednesday. Gasoline and distillate stockpiles also gained.
Prices
WTI for January delivery was little changed at $59.01 a barrel at 7:33 a.m. in Singapore.
Brent for February settlement closed 0.4% higher at $62.67 a barrel on Wednesday.
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