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5d ago

Oil Advances After White House Orders Venezuelan Oil Quarantine and U.S. Strikes ISIS in Nigeria

Traders are weighing temporary disruptions against a market still expected to run a surplus.

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A view shows a pressure gauge near oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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A US military helicopter flies over the Panama-flagged Centuries, which was intercepted by the US Coast Guard days after President Donald Trump announced a 'blockade' of all sanctioned oil tankers entering and leaving Venezuela. Reuters

Overview

  • The White House directed U.S. forces to prioritize a two-month “quarantine” of Venezuelan oil shipments, signaling an economic pressure campaign on Caracas.
  • The U.S. carried out airstrikes against Islamic State militants in northwest Nigeria at Nigeria’s request, adding to supply-risk headlines.
  • Brent traded around $62.48 and WTI near $58.58 early Friday, leaving crude on course for its biggest weekly gain since late October.
  • Despite the rebound, Brent and WTI remain set to fall about 16% and 18% for 2025 as supply is expected to outpace demand next year.
  • Separate from U.S. actions, Kazakhstan’s December exports via the CPC are set to drop by roughly a third after drone damage at the terminal, according to two market sources.