Oil rises on geopolitical risks to supply

Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions. Brent crude futures rose 14 cents, or 0.2%, to $63.31 a barrel by 0102 GMT. U.S. West Texas Intermediate crude gained 18 cents, or 0.3%, to $59.50 a barrel. Both benchmarks advanced more than 1% on Monday. The Caspian Pipeline Consortium said on Monday that it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on November 29. Russia’s Kommersant daily, citing unnamed sources, said on Monday that oil loadings had resumed via the single point mooring 1 (SPM 1), while SPM 2 was damaged.