Oil extends gains after US seizure of tanker off Venezuela

Oil rose for a second straight session on Thursday after the U.S. seized a sanctioned oil tanker off Venezuela’s coast, escalating tensions between the two countries and raising concern over further supply disruptions. Brent crude futures rose 27 cents, or 0.4%, to $62.48 a barrel by 0101 GMT, and U.S. West Texas Intermediate crude was at $58.79 a barrel, up 33 cents, or 0.6%. WTI crude oil is trading higher after news that the U.S. seized an oil tanker off Venezuela’s coast, IG market analyst Tony Sycamore said in a note, adding that reports of Ukraine striking a vessel from Russia’s shadow fleet also lent support. “These developments are likely to keep crude oil above our key $55 support level into year-end, barring an unexpected peace deal in Ukraine,” Sycamore said. U.S. President Donald Trump said on Wednesday, “we’ve just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever, actually, and other things are happening.”