Jakarta, hitclubapk3 Indonesia
—
Price
crude oil
crawled up in trading Friday (12/12) due to the increasingly heated conflict
United States
(USA) with
Venezuela
.
The market is worried that the US’ stance of intercepting more Venezuelan oil tankers will disrupt global supplies.
However, the rise in oil prices was also dampened by market optimism that Ukraine and Russia would likely reach a peace agreement.
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The price of Brent crude oil rose 29 cents or 0.5 percent to US$61.57 per barrel.Meanwhile, US West Texas Intermediate crude oil futures were at $57.91 per barrel after rising 31 cents or 0.5 percent.
The US is preparing to intercept more ships carrying Venezuelan oil, after seizing a tanker this week.
The US showed a tough stance in line with increasing pressure on the regime of Venezuelan President Nicolas Maduro.This seizure by the US raised concerns about supply disruption.
“Previously, oil prices were under pressure because the market hoped that supply disruptions would subside along with optimism that Russia-Ukraine peace would be achieved. However, buying action emerged again and halted the fall in prices after the US seized a Venezuelan tanker,” said Hiroyuki Kikukawa, Head of Strategy at Nissan Securities Investment, a unit of Nissan Securities, as quoted
Reuters
.
He added that peace negotiations between Russia and Ukraine will remain the market’s main focus next week and beyond.
The opportunity for an agreement between Russia and Ukraine will increase Moscow’s oil distribution, which has been subject to sanctions by Western countries.
Last Wednesday, the leaders of Britain, France and Germany held a telephone call with US President Donald Trump.They discussed Washington’s latest peace efforts to end the war in Ukraine.
However, the next day Ukrainian drones attacked an oil platform in the Caspian Sea for the first time, halting production at facilities owned by Lukoil, Russia’s giant energy company.
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