Oil prices rose by about one dollar in Asian trading on Thursday following the U.S. president’s announcement of a blockade on oil tankers entering and leaving Venezuela, amid continued disruption of most of the country’s exports.
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According to Bloomberg, Brent crude increased by 92 cents, or 1.54%, to $60.60 per barrel.
U.S. West Texas Intermediate (WTI) crude rose 98 cents, or 1.7%, to $56.89 per barrel, after initially climbing more than a dollar.
Venezuelan crude accounts for roughly 1% of global supply, with most exports going to China. However, market sources indicate that weak demand and ample crude available on floating storage units in Asia are limiting the impact of these developments on the world’s largest oil importer.
Gold prices remained stable, supported by indications that the U.S. Federal Reserve may pursue monetary easing. Spot gold fell 0.2% to $4,332.29 per ounce after gaining more than 1% late Wednesday, while U.S. futures for gold declined 0.2% to $4,364.70 per ounce.
Other precious metals also showed gains: spot silver rose 0.2% to $66.44 per ounce, after hitting a record $66.88 in the previous session, marking a 129% increase since the beginning of the year—outperforming gold’s 65% gain—driven by strong industrial demand and investor interest amid shrinking inventories.
Platinum climbed 3.6% to $1,966, its highest level in over 17 years, while palladium rose about 1% to $1,663, its highest in nearly three years.
Investors are also awaiting the U.S. Consumer Price Index for November, to be released later Thursday, followed by the Personal Consumption Expenditures price index on Friday.
Petra
