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Oil prices
world trade rose up to 1.5 percent in trading Monday (1/12), after OPEC+ reaffirmed plans to postpone production increases in the first quarter of 2026.
Market sentiment was also strengthened by potential steps by the United States against the main oil producer, Venezuela.
Quote
Reuters,
Brent oil prices were at US$62.99 per barrel, up 0.98 percent, after briefly strengthening higher.Meanwhile, West Texas Intermediate (WTI) rose 57 cents or 0.99 percent to US$59.12 per barrel.
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OPEC+ previously agreed to delay production increases in early November, in response to market concerns about a potential supply glut.In its latest meeting on Sunday, the alliance of oil producers stressed the importance of a cautious approach as well as flexibility to continue or reverse voluntary production adjustments.
“The decision was expected given previous agreements,” Commonwealth Bank of Australia analyst Vivek Dhar said in a research note.He added that concerns about global oversupply were a major factor.
From a geopolitical perspective, the market was pressured by US President Donald Trump’s move to consider closing Venezuelan airspace.
The South American country is a major oil producer, so any potential disruption would add to supply risks.
ING analysts said Trump’s comments had created new uncertainty.”Risks to Venezuela’s oil supplies increased after Trump said he was considering closing the country’s airspace,” they wrote.
Trump said he had spoken with Venezuelan President Nicolas Maduro, but refused to provide details.”Don’t take anything from that,” he said when asked about possible military action.
In Europe, market sentiment changed again after increasing uncertainty regarding Russian-Ukrainian peace efforts.Over the past two weeks, the prospect of a peace deal has raised market concerns that Moscow’s now-sanctioned oil could again flood global markets.
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