Daijiworld Media Network – Singapore

Singapore, Dec 2: Global oil prices remained steady on Tuesday as markets closely tracked US President Donald Trump’s next move on Venezuela and assessed the impact of damage to a key crude export terminal in the Black Sea.

West Texas Intermediate (WTI) hovered above USD 59 a barrel after a 1.3% jump in the previous session, while Brent crude settled near USD 63. Trump held a high-level meeting on Venezuela on Monday evening, even as US forces massed near the region and his administration intensified rhetoric against President Nicolás Maduro.

The rising geopolitical friction has added a risk premium to crude prices, countering concerns of an expanding global oil surplus. Market anxiety has also deepened following increasing Ukrainian strikes on Russian energy infrastructure, extending tensions across the Black Sea.

One major flashpoint is the Caspian Pipeline Consortium (CPC) terminal, the largest route for Kazakhstan’s crude exports. A recent Ukrainian attack severely damaged a mooring at the terminal. Responding to queries, CPC said “any further operations are impossible” at the affected mooring.

Prices:

WTI for January delivery edged up 0.4% to USD 59.57 a barrel at 7:39 am in Singapore.

Brent for February settlement gained 1.3% on Monday to close at USD 63.17 a barrel.

With geopolitical risks escalating simultaneously in South America and Eastern Europe, oil markets are expected to remain on high alert in the days ahead.