Oil Prices Surge Amid Venezuela Tensions
Update: 2025-12-24
Description
Oil prices surged today, bolstered by U.S. efforts to curb Venezuelas oil trade, despite initial dips. WTI and Brent both closed higher, at $58.38 and $62.38 respectively. Analysts like Ritterbusch and Associates downplay Venezuelas impact, citing bigger risks from Russia-Ukraine tensions, potential U.S. sanctions, and strikes on Russian energy sites. U.S. oil rigs increased slightly, yet output remains robust, averaging over 13.8 million barrels a day. As geopolitical tensions persist, crude markets remain volatile.
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