Ice Brent crude futures rose in early Asian trading on the prospect of further action by the US after seizing an oil tanker off the coast of Venezuela earlier this week.
At 04:00 GMT, the Ice front-month February Brent contract was at $61.69/bl, higher by 41¢/bl from its settlement on 11 December, when the contract ended 93¢/bl lower.
The Nymex front-month January crude contract was at $58.01/bl, up by 41¢/bl from its settlement on 11 December, when the contract ended 86¢/bl lower.
More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list.
An oil tanker seized by the US off Venezuela's coast on 10 December was falsely carrying the Guyana flag, Guyana's maritime agency Marad said.
Meanwhile, Mexico's congress has approved legislation to increase tariffs on China and other non-treaty nations up to 50pc on a wide range of goods, including autos, raising barriers on imports in a timely alignment with US trade policy.
China's surging exports have been partly driven by an undervalued currency, the IMF said, potentially adding to pressure on Beijing to curb its record trade surplus.
Market attention was otherwise on the latest forecasts released by the International Energy Agency (IEA) and Opec. A large global oil surplus is masking regional tightness in crude and products markets, the IEA said on 11 December. In its final Oil Market Report (OMR) for 2025, the IEA said oil prices have only fallen modestly despite the large supply overhang because of "diverging dynamics" across crude, NGLs and products in different regions.
Ice Brent crude futures rose in early Asian trading on the prospect of further action by the US after seizing an oil tanker off the coast of Venezuela earlier this week.
At 04:00 GMT, the Ice front-month February Brent contract was at $61.69/bl, higher by 41¢/bl from its settlement on 11 December, when the contract ended 93¢/bl lower.
The Nymex front-month January crude contract was at $58.01/bl, up by 41¢/bl from its settlement on 11 December, when the contract ended 86¢/bl lower.
More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list.
An oil tanker seized by the US off Venezuela's coast on 10 December was falsely carrying the Guyana flag, Guyana's maritime agency Marad said.
Meanwhile, Mexico's congress has approved legislation to increase tariffs on China and other non-treaty nations up to 50pc on a wide range of goods, including autos, raising barriers on imports in a timely alignment with US trade policy.
China's surging exports have been partly driven by an undervalued currency, the IMF said, potentially adding to pressure on Beijing to curb its record trade surplus.
Market attention was otherwise on the latest forecasts released by the International Energy Agency (IEA) and Opec. A large global oil surplus is masking regional tightness in crude and products markets, the IEA said on 11 December. In its final Oil Market Report (OMR) for 2025, the IEA said oil prices have only fallen modestly despite the large supply overhang because of "diverging dynamics" across crude, NGLs and products in different regions.
Opec has kept its global oil demand growth forecasts for 2025 and 2026 unchanged for a fifth consecutive month. Opec's demand forecasts remain much higher than those of the IEA.
By Fabian Ng