Overview
- Oil rose for a second session, with WTI near $57 and Brent around $60, after President Donald Trump ordered a blockade on sanctioned Venezuelan tankers and reports pointed to possible new U.S. measures on Russia’s energy exports.
- Most Venezuelan exports were paused even as Chevron shipments to the U.S. continued under prior authorization, analysts estimated roughly 600,000 bpd is at risk, and Bloomberg sources warned storage could fill within days, potentially forcing output curbs.
- Bloomberg reported the U.S. is preparing sanctions that could target Russia’s shadow fleet and traders, though a White House official said no final decision has been made, and ING said such steps may pose a larger supply risk than the Venezuela move.
- Oversupply signals capped gains as EIA data showed a smaller‑than‑expected crude draw and rising gasoline stocks, tanker trackers put crude-on-water near 120 million barrels, and Reuters reported millions of West African barrels still seeking buyers.
- Russian crude continues reaching markets, with India’s December intake averaging about 1.2 million bpd via non‑sanctioned intermediaries and some indications that flows could remain firm into January despite sanctions on Rosneft and Lukoil.