Ice Brent crude futures rallied in early Asian trading hours, on concerns of supply disruptions after conflict-related damage in Russia.
At 04:00 GMT, the Ice front-month January Brent contract was at $63.93/bl, up by 92¢/bl from its settlement on 13 November when the contract ended 30¢/bl higher.
The Nymex front-month December crude contract was at $59.63/bl, higher by 94¢/bl from its settlement on 13 November when the contract ended 20¢/bl higher.
An oil depot in Russia's Novorossiysk port in the Black Sea region has been damaged in the early hours of 14 November due to ongoing conflict, according to media reports.
Around 2.2mn b/d of crude was exported from the Novorossiysk port over January-October this year, according to data from analytics firm Kpler. This includes Kazakh-origin crude such as CPC Blend and Kebco.
Elsewhere, G7 foreign ministers ahead and during their meeting in Canada on 10-11 November expressed opposition to US military actions against Venezuela. The US strikes against boats disregard international law, French foreign minister Jean-Noel Barrot said. There is no legal basis for the US attacks, EU foreign affairs commissioner Kaja Kallas told NBC News on Wednesday.
The US has built up a large naval presence near Venezuela since early September — including the Gerald R Ford aircraft carrier strike group as of 11 November — and has carried out almost 20 lethal attacks on small boats it accuses of ferrying drugs.
The US armada carries an estimated 170 Tomahawks, which is comparable with the number of missiles the US military previously used in campaigns of limited duration, such as in Libya in 2011, the experts said.
US naval maneuvers and boat strikes so far have had no impact on Venezuela's oil exports and energy shipments across the Caribbean. Chevron — allowed to resume business in Venezuela just before the naval build up began — appears to have imported 155,000 b/d to the US from Venezuela in October, based on data from Kpler.
Further south, Guyana's crude output reached a record high 900,000 b/d on 12 November, ExxonMobil said, more than halfway toward the company's end-of-decade production goal for the country.
The latest production increase is due to the startup of the Yellowtail project in August, which produces the new medium sweet Golden Arrowhead crude grade. Yellowtail has now achieved its initial annual average production capacity of 250,000 b/d, ExxonMobil said on 12 November.
Meanwhile, two seaborne cargoes of Iraqi Kirkuk crude have been offshore Egypt for more than two weeks, for reasons that are unclear. Two suzemax tankers each carrying approximately 600,000 bl arrived near the Egyptian port of El Hamra on 28 October but has yet to unload since.
Ice Brent crude futures rallied in early Asian trading hours, on concerns of supply disruptions after conflict-related damage in Russia.
At 04:00 GMT, the Ice front-month January Brent contract was at $63.93/bl, up by 92¢/bl from its settlement on 13 November when the contract ended 30¢/bl higher.
The Nymex front-month December crude contract was at $59.63/bl, higher by 94¢/bl from its settlement on 13 November when the contract ended 20¢/bl higher.
An oil depot in Russia's Novorossiysk port in the Black Sea region has been damaged in the early hours of 14 November due to ongoing conflict, according to media reports.
Around 2.2mn b/d of crude was exported from the Novorossiysk port over January-October this year, according to data from analytics firm Kpler. This includes Kazakh-origin crude such as CPC Blend and Kebco.
Elsewhere, G7 foreign ministers ahead and during their meeting in Canada on 10-11 November expressed opposition to US military actions against Venezuela. The US strikes against boats disregard international law, French foreign minister Jean-Noel Barrot said. There is no legal basis for the US attacks, EU foreign affairs commissioner Kaja Kallas told NBC News on Wednesday.
The US has built up a large naval presence near Venezuela since early September — including the Gerald R Ford aircraft carrier strike group as of 11 November — and has carried out almost 20 lethal attacks on small boats it accuses of ferrying drugs.
The US armada carries an estimated 170 Tomahawks, which is comparable with the number of missiles the US military previously used in campaigns of limited duration, such as in Libya in 2011, the experts said.
US naval maneuvers and boat strikes so far have had no impact on Venezuela's oil exports and energy shipments across the Caribbean. Chevron — allowed to resume business in Venezuela just before the naval build up began — appears to have imported 155,000 b/d to the US from Venezuela in October, based on data from Kpler.
Further south, Guyana's crude output reached a record high 900,000 b/d on 12 November, ExxonMobil said, more than halfway toward the company's end-of-decade production goal for the country.
The latest production increase is due to the startup of the Yellowtail project in August, which produces the new medium sweet Golden Arrowhead crude grade. Yellowtail has now achieved its initial annual average production capacity of 250,000 b/d, ExxonMobil said on 12 November.
Meanwhile, two seaborne cargoes of Iraqi Kirkuk crude have been offshore Egypt for more than two weeks, for reasons that are unclear. Two suzemax tankers each carrying approximately 600,000 bl arrived near the Egyptian port of El Hamra on 28 October but has yet to unload since.
By YouLiang Chay