Oil prices were little changed in Asian trading on Wednesday after five straight sessions of gains, aided by heightened U.S.-Venezuela tensions and robust U.S. economic growth data, even as trading volumes remained subdued in a holiday-shortened week.
As of 21:53 ET (02:53 GMT), Brent Oil Futures expiring in February edged up 0.1% to $62.42 per barrel, while West Texas Intermediate (WTI) crude futures also gained 0.1% to $58.42 per barrel.
Both benchmarks saw consecutive gains in the last five sessions due to supply disruption risks.
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Venezuela supply risks, US Q3 GDP in focus Geopolitical risks remained a key pillar of support for crude, with tensions between Washington and Caracas resurfacing concerns over Venezuelan oil exports.
The United States has stepped up enforcement actions against vessels linked to Venezuelan crude shipments, raising the prospect of tighter supply flows from the OPEC member.
While Venezuela’s output is relatively modest by global standards, analysts said any disruption reinforces a broader risk premium at a time when markets remain sensitive to geopolitical shocks.
Oil prices also drew support from upbeat economic data, after figures showed the U.S. economy grew at an annualised rate of 4.3% in the third quarter.
The stronger-than-expected reading underscored the resilience of consumer spending and business activity, easing concerns about a slowdown in the world’s largest oil consumer. Despite the supportive backdrop, trading volumes were markedly lighter, with markets in the United States and parts of Europe operating on reduced schedules. U.S. financial markets are set to close early on Wednesday for Christmas Eve and remain shut on Thursday for Christmas Day, while year-end holidays across Asia have also curbed participation.
US crude stocks rise against expectations - API In the energy market, investors also assessed fresh inventory data from the American Petroleum Institute.
API figures released late Tuesday showed U.S. crude oil stockpiles rose by about 2.4 million barrels in the week ended Dec. 19, confounding expectations for a draw and marking a reversal from the sharp decline reported a week earlier.
Traders are now awaiting the official U.S. Energy Information Administration report for confirmation, which is due later in the day and is expected to provide further clarity on refinery activity, fuel demand and overall supply conditions.
