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Oil Gains on Venezuela Supply Risks
Oil prices were rising in early trading as the U.S. ramped up pressure on Venezuela, raising concerns over supply disruptions in the region.
Brent crude was up 0.9% to $61.03 a barrel, while WTI gained 1% to $57.07 a barrel on news that the U.S. Coast Guard is pursuing a tanker involved in transporting oil from Venezuela shortly after apprehending one that wasn’t on its sanctions list.
“These geopolitical developments have helped put a floor under oil prices, as faster than expected OPEC+ output increases, rising production outside the group, and subdued global demand have kept the market oversupplied,” said Soojin Kim from MUFG.
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