Crude Oil: Prices Rise as Traders Weigh Geopolitical Tensions and Oversupply Signals

Deep News12-05 06:00

Oil prices edged higher in volatile trading on Thursday as the market balanced geopolitical tensions against Saudi Arabia's price cuts for key Asian crude grades.

WTI crude rose 1.2%, settling just below $60 per barrel. Ukrainian negotiators are set to hold a new round of talks in Florida after Russian President Vladimir Putin stated that certain terms in a U.S.-backed peace proposal to end the Russia-Ukraine conflict were "unacceptable" to him. This suggests that lifting sanctions on Russian oil remains unlikely, providing support for oil prices.

Additionally, Putin emphasized that Russia's energy cooperation with India remains "unaffected," with a Russian oil company continuing to expand operations at Indian refineries while crude supplies to India proceed smoothly.

Meanwhile, U.S. President Donald Trump reiterated on Wednesday that the U.S. would "soon" begin ground strikes against drug cartels in Venezuela. Military intervention could further reduce the South American nation's oil production and exports.

However, signs of a global oil supply glut persist. According to a seen price list, state-owned producer Saudi Aramco will cut its January price for flagship Arab Light crude to a premium of $0.60 per barrel over the regional benchmark—the lowest level since 2021.

January WTI crude rose 1.2% in New York, settling at $59.67 per barrel. February Brent crude gained 0.94%, closing at $63.26 per barrel.

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