Oil prices saw little change in Asian trading on Wednesday after five straight sessions of gains, supported by escalating tensions between the United States and Venezuela and strong US economic growth data, although trading volumes remained low in a holiday-shortened week.
As of 04:53 Saudi time, Brent crude futures expiring in February rose 0.1% to $62.42 a barrel, while West Texas Intermediate crude futures also rose 0.1% to $58.42 a barrel.
Both benchmarks have seen consecutive gains in the last five sessions due to supply disruption risks.
Venezuelan supply risks and US third-quarter GDP in the spotlight
Geopolitical risks have remained a key pillar supporting crude oil, with renewed tensions between Washington and Caracas raising concerns about Venezuelan oil exports.
The United States has stepped up enforcement measures against vessels linked to Venezuelan crude oil shipments, increasing the likelihood of further tightening of supply flows from the OPEC member.
While Venezuela's production is relatively modest by global standards, analysts said any disruption would boost a wider risk premium at a time when markets remain sensitive to geopolitical shocks.
Oil prices also drew support from positive economic data, after figures showed the US economy grew at an annual rate of 4.3% in the third quarter.
The stronger-than-expected reading confirmed 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 noticeably lighter, with markets in the US and parts of Europe operating on reduced schedules. US financial markets are scheduled to close early on Wednesday, Christmas Eve, and remain closed on Thursday for Christmas Day, and year-end holidays across Asia have also reduced participation.
US crude oil inventories rise contrary to expectations - American Petroleum Institute
In the energy market, investors also assessed new inventory data from the American Petroleum Institute.
Figures released by the institute late Tuesday showed that U.S. crude oil inventories rose by about 2.4 million barrels in the week ending December 19, defying expectations of a decline and reversing the sharp drop recorded a week earlier.
Traders are now awaiting the official report from the U.S. Energy Information Administration for confirmation, which is due later today and is expected to provide further clarity on refining activity, fuel demand and overall supply conditions.
