WTI Crude Bounces Toward $60 Threshold

2025-12-03 10:29 By Andre Joaquim 1 min. read

WTI oil futures rose to $59.1 per barrel on Wednesday, as attacks on Russian energy assets weighed against the lingering view of an oversupplied market.

Risk on the supply of Russian oil and fuel prevailed after strikes on Russian tankers and oil refineries, with the Kremlin threatening retaliation against Ukrainian allies should strikes continue.

The risk premia was also maintained as the US and Russia did not reach a compromise on a possible peace deal with Ukraine, extending the possibility of shocks to Russian refining and shipping capacity, while the US escalated threats against oil giant Venezuela.

In the meantime, tanker activity indicated that oil at sea from Russian producers soared by 20% in three months as US sanctions prevented deliveries.

The developments limited the impact of higher production quotas from OPEC+ nations and soaring output levels from drillers in the US, Canada, and Brazil, although the IEA maintained its view of a surplus in the oil market next year.



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