Oil Steadies as Geopolitical Risks Counter Oversupply Outlook

Nymex, ICE Europe Oil steadied as traders weighed geopolitical tensions from Venezuela to Russia and Yemen against concerns about a global glut. West Texas Intermediate swung near $58 a barrel in quiet holiday trading. The United Arab Emirates said it will withdraw forces from Yemen following a flare up in tensions with oil-rich ally Saudi Arabia over military operations in the conflict-hit country. At the same time, President Donald Trump’s push to end the war in Ukraine faces fresh obstacles after Russ ...