Oil Edges Higher With US Pressure on Venezuela Exports in Focus

Group 1 - Oil prices have increased for five consecutive days, with West Texas Intermediate rising 0.6% to settle above $58 per barrel and Brent exceeding $62, amid thin trading conditions [1] - The US has intensified its efforts to curb Venezuela's oil revenue by boarding and seizing tankers, despite nearly half a dozen tankers still departing from Venezuela's coast [2][3] - Venezuelan oil exports account for less than 1% of global supply, but they are crucial for the financial stability of Maduro's government, which has labeled US actions as piracy [3] Group 2 - Geopolitical tensions, including potential US military actions in Latin America and the ongoing conflict in Ukraine, have contributed to stabilizing oil prices, which have seen a 19% decline this year, marking the largest annual drop since 2020 [4] - Market analysts suggest that price movements are likely to be characterized by short-lived spikes rather than sustained increases, with a significant drop in Venezuelan exports still leaving the market well-supplied into the first half of next year [5] - A shipment of Russian crude from US-sanctioned Rosneft has been delivered to a Chinese terminal after a three-month delay, indicating ongoing challenges in delivering cargoes for Moscow [6]