'Black gold' maintains upward momentum amid geopolitical risks

Oil prices steadied in Asia on Monday as traders weighed risks from drone attacks on energy facilities in Russia and growing tensions between the United States and Venezuela.

Oil rig in Heilongjiang province, China. Photo: THX/TTXVN

At 3:21 p.m. on December 2, Vietnam time, the price of North Sea Brent crude oil increased by 1 US cent, equivalent to 0.02%, to 63.18 USD/barrel. The price of US light sweet crude (WTI) increased by 6 US cents, or 0.1%, to 59.38 USD/barrel. Both types of oil increased by more than 1% in the previous session, in which WTI oil approached the highest level in two weeks.

Oil prices are holding on to gains as traders await President Trump's moves on Venezuela and assess damage at the Black Sea port, analysts at Saxo Bank said.

On December 1, the Caspian Pipeline Consortium (CPC) announced that it had resumed oil transportation from a mooring point at a Black Sea port following a major drone attack on November 29.

Analysts at energy consultancy Ritterbusch and Associates said the military developments reinforced their view that a peace deal between Russia and Ukraine was unlikely to be reached soon, which would support oil prices.

Another emerging factor for the oil market is the turmoil surrounding Venezuela, said Suvro Sarkar, head of energy at DBS Bank. While a full-blown conflict is unlikely, the ongoing events could destabilize the country and threaten oil production and exports.

In addition, Mr. Sarkar commented that the stance of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, on supply management remains a supportive factor for oil prices. OPEC+ recently reaffirmed plans to pause production growth in the first quarter of 2026 due to growing concerns about the possibility of oversupply.

Source: https://baotintuc.vn/kinh-te/vang-den-giu-duoc-da-tang-truoc-cac-rui-ro-dia-chinh-tri-20251202153509866.htm