Oil Prices Edge Down

2025-12-02 14:32 By Joana Taborda 1 min. read

WTI crude futures were slightly lower around $59 per barrel on Tuesday as traders monitored geopolitical developments in Venezuela and Ukraine and their potential impact on oil supply.

US President Trump held a meeting on Venezuela late Monday after tensions escalated, with Trump warning during the weekend that the country’s airspace should be considered closed.

Meanwhile, Ukraine has carried out repeated strikes on energy facilities belonging to the OPEC+ producer.

The Caspian Pipeline Consortium said it has resumed oil shipments from one mooring point at its Black Sea terminal following a Ukrainian drone attack on Saturday.

At the same time, hopes remain that the war could soon come to an end, which would allow Russian oil supplies to increase.

Additionally, OPEC+ on Sunday reaffirmed its plan to keep production levels unchanged in the first quarter of 2026 as it grapples with uneven demand trends and the possibility of an oversupplied market next year.



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