Oil Gains on Venezuela Supply Risks

Group 1 - Oil prices are rising due to increased U.S. pressure on Venezuela, raising concerns about supply disruptions in the region [1] - Brent crude increased by 0.9% to $61.03 per barrel, while WTI rose by 1% to $57.07 per barrel following U.S. Coast Guard actions against tankers transporting oil from Venezuela [1] - Geopolitical developments are providing support for oil prices despite oversupply from faster-than-expected OPEC+ output increases and subdued global demand [2] Group 2 - The market remains oversupplied due to rising production outside OPEC+ and slower global demand [2] - Analysts suggest that the geopolitical situation is helping to stabilize oil prices despite the underlying oversupply [2]