Crude Prices Move Higher on Venezuelan Geopolitical Risks

Group 1 - Crude oil and gasoline prices increased, with gasoline reaching a one-month high, driven by reports of potential US military strikes on Venezuela and a tariff truce between the US and China [1][3] - The dollar index's rise to a 2.75-month high limited crude price gains, alongside concerns about declining energy demand in China, as indicated by a drop in China's October manufacturing PMI to 49.0, the lowest in six months [2] - Expectations of reduced Russian crude supplies due to US sanctions and military actions in Ukraine are providing support for oil prices [4][5] Group 2 - The US has identified military targets in Venezuela, which could disrupt the country's crude supplies, further impacting global oil prices [3] - Sanctions on major Russian oil producers, including Rosneft and Lukoil, are expected to limit Russia's crude export capabilities, contributing to a tighter global oil market [4] - Ukrainian attacks on Russian refineries have significantly reduced Russia's seaborne fuel shipments, averaging 1.88 million barrels per day in early October, the lowest in over 3.25 years [5]