Oil prices were little changed in Asian trading on Wednesday following five consecutive sessions of gains, supported by rising U.S.-Venezuela tensions and strong U.S. economic growth data, despite subdued trading volumes in the holiday-shortened week.
As of 21:53 ET (02:53 GMT), February Brent crude futures inched up 0.1% to $62.42 per barrel, while West Texas Intermediate (WTI) futures also gained 0.1% to $58.42 per barrel.
Both benchmarks have posted five straight sessions of gains, driven by ongoing supply disruption risks.
Venezuela supply risks, US Q3 GDP in focus
Geopolitical tensions between Washington and Caracas remain a key support for crude prices, as increased U.S. enforcement actions against vessels linked to Venezuelan oil shipments raise concerns over tighter supply flows from the OPEC member.
While Venezuela’s output is modest by global standards, analysts say any disruption adds to a broader risk premium amid markets’ sensitivity to geopolitical shocks.
Oil prices also gained support from robust U.S. economic data, with third-quarter GDP growing at an annualized rate of 4.3%.
The stronger-than-expected reading highlighted the resilience of consumer spending and business activity, easing fears of a slowdown in the world’s largest oil consumer.
Despite the supportive backdrop, trading volumes were notably lighter as markets in the U.S. and parts of Europe operated on shortened schedules. U.S. financial markets are set to close early on Wednesday for Christmas Eve and remain closed on Thursday for Christmas Day, while year-end holidays across Asia have also dampened participation.
US crude stocks rise against expectations — API
Investors in the energy market also digested fresh inventory data from the American Petroleum Institute (API).
API figures released late Tuesday showed U.S. crude oil stockpiles increased by approximately 2.4 million barrels in the week ending Dec. 19, defying expectations of a drawdown and reversing the sharp decline reported the previous week.
Traders are now awaiting the official report from the U.S. Energy Information Administration (EIA), due later in the day, which is expected to provide clearer insights into refinery activity, fuel demand, and overall supply conditions.
Sources: Investing
THE ETERNAL SOVEREIGN 