Oil prices rose during trading on Thursday, achieving their first gains after three consecutive sessions of decline, supported by a sharp drop in US crude oil inventories that came in larger than expected, in addition to the markets continuing to monitor the rapidly evolving geopolitical developments related to Venezuela.
During morning trading, Brent crude futures for March delivery rose 0.35%, or 21 cents, to $60.17 a barrel, indicating a relative improvement in sentiment following positive inventory data.
Nymex crude oil futures for February delivery also rose by a similar percentage of 0.35%, or about 18 cents, to reach $56.17 per barrel.
The main support for prices came from data from the U.S. Energy Information Administration, which showed that U.S. crude oil inventories fell by 3.8 million barrels during the week ending January 2.
This decline exceeds market expectations, which had indicated a drop of only about 1.2 million barrels, reflecting an improvement in demand levels or a decrease in supply.
In the geopolitical context, tensions have increased after the United States announced the seizure of two oil tankers linked to Venezuela in the Atlantic Ocean on Wednesday, one of which flies the Russian flag.
According to media reports, the detention operation was carried out while a Russian submarine and ships were in the area, raising concerns about a possible escalation in the confrontation between Washington and Moscow, especially after Russia condemned the US actions related to Venezuela.
Markets continue to monitor these developments closely, amid concerns that any geopolitical escalation or disruptions to supply chains could lead to sharp fluctuations in oil prices in the coming period, although the current focus remains on basic data related to inventories and global demand.
