2025-12-02 19:40:00
OIL PRICE: BRENT NEAR $63, WTI ABOVE $59
REUTERS - Dec 2, 2025 - Oil prices held firm on Tuesday as traders weighed up risks from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions.
Brent crude futures fell 12 cents, or 0.2%, to $63.05 a barrel by 1301 GMT. U.S. West Texas Intermediate crude was down 7 cents, or 0.1%, to stand at $59.25 a barrel.
Both benchmarks advanced more than 1% on Monday, while WTI was near a two-week high.
"The latest goings-on in the oversupplied global picture putting pressure on prices have been balanced by hits on Russian infrastructure that accelerated through the weekend, as well as bubbling tensions between U.S.-Venezuela," said Rystad analyst Janiv Shah.
"Geopolitical risk premiums have gained in the last few sessions as Russian-flagged vessels have also been targeted."
On Monday, the Caspian Pipeline Consortium said it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on November 29.
Additionally, U.S. President Donald Trump said on Saturday "the airspace above and surrounding Venezuela" should be considered closed, sparking fresh uncertainty in the oil market, as the South American nation is a major producer.
"Focus is also on the Ukrainian peace talks, which might result in Russia increasing its crude oil and product exports once again, although this process is likely to be protracted," said Tamas Varga, an analyst at PVM Oil Associates.
On the negotiation front, Trump's special envoy, Steve Witkoff, and son-in-law Jared will meet Russian President Vladimir Putin on Tuesday for talks on a possible way to end the war.
Russian presidential envoy Kirill Dmitriev will also meet Witkoff in Moscow on Tuesday, sources close to U.S.-Russia talks told Reuters.
Kremlin spokesperson Dmitry Peskov told Indian journalists on Tuesday that a decline in India's oil imports from Russia may last only for "a brief period" as Moscow plans to boost supplies to New Delhi.
Russia is the top oil supplier to India, the world's third-biggest oil importer and consumer, but the South Asian nation is set to lower its Russian oil purchases to at least a three-year low this month, after Washington sanctioned Moscow's top oil producer Rosneft and Lukoil.
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Earlier:
2025, October, 14, 07:00:00
OIL PRICE: BRENT ABOVE $63, WTI NEAR $60
Brent rose 22 cents, or 0.4%, to $63.54 a barrel , WTI was at $59.71 a barrel, up 22 cents, or 0.4%.
2025, October, 10, 06:50:00
OIL PRICES WILL DOWN TO $52
The EIA said in a statement that it expects oil production growth to be led by countries outside of OPEC+. Production in South America has been the leading source of growth as new offshore vessels have started up ahead of schedule in Brazil and Guyana this year, the outlook said.
2025, August, 21, 06:55:00
RUSSIAN OIL & SANCTIONS
Trump has repeatedly threatened the largest buyers of Russian crude with sanctions if a deal to end the war in Ukraine is not reached. On Aug. 6, Trump issued an executive order raising tariffs on US imports from India from 25% to 50%, in response to what Trump described on Truth Social as India's "massive" purchases of Russian crude.
2025, August, 21, 06:50:00
RUSSIA'S OIL EXPORTS UP BY 7%
Physical export volumes in July increased 1.4% month-on-month to 7.3 million barrels per day, matching the export volume from a year earlier.
2025, August, 21, 06:45:00
RUSSIAN OIL FOR INDIA UP
The refiner, part-owned by Russian oil major Rosneft PJSC, is an important pillar of the Indian market. Its 400,000 barrels-a-day processing plant accounts for 8% of the country’s refining, and the company operates 7% of its fuel stations.
2025, August, 8, 07:00:00
OIL PRICE: BRENT ABOVE $66, WTI NEAR $64
Brent were down three cents to $66.40 a barrel , WTI were down six cents, or 0.1%, to $63.82 a barrel.
2025, August, 7, 07:00:00
OIL PRICE: BRENT NEAR $67, WTI ABOVE $64
Brent fell 75 cents, or 1.1%, to settle at $66.89 a barrel, WTI dropped 81 cents, or 1.2%, to settle at $64.35.
2025, August, 7, 06:50:00
RUSSIAN OIL FOR INDIA: SANCTIONS
Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty.
2025, August, 5, 06:50:00
OPEC+: MARKET STABILITY
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.