Oil Futures Little Changed in Light Pre-Holiday Trade

1406 ET – Crude futures end a shortened pre-Christmas session with little change as U.S. actions to contain Venezuela’s oil trade and continuing Russia-Ukraine tensions provide support against views of oversupply. The Venezuela blockade is the main focus going into the holiday weekend, Dennis Kissler of BOK Financial says in a note. “While the backup of the blockade and sanctions is not decreasing world supplies, the fact that it may be delaying them is keeping a bullish tilt to prices.” WTI slips 3 cents to $58.35 a barrel and Brent ends down 0.2% at $62.24 a barrel.(anthony.harrup@wsj.com)

Oil Futures Edge Up on Geopolitical Risk Premium

0906 ET – Oil futures extend gains in early U.S. trade with support from geopolitical risk around Venezuela and the Russia-Ukraine peace efforts. “We feel that excessive optimism regarding a quick peace agreement between Ukraine and Russia has been quelled for now,” Ritterbusch and Associates says in a note. The firm sees risk to Venezuelan supply as “less supportive” than developments in Russia-Ukraine. And with abundant global supply, “crude fundamentals continue to provide a significant offset against the geopolitical factor.” WTI is up 0.2% at $58.52 a barrel, and Brent edges up 0.1% to $62.44.(anthony.harrup@wsj.com)