Oil Extends Gains

2025-12-04 01:42 By Kyrie Dichosa 1 min. read

WTI crude oil futures climbed above $59 per barrel on Thursday, extending the previous session’s gains as Ukrainian strikes on Russian oil infrastructure and stalled peace negotiations dimmed hopes for a near-term restoration of Russian supply.

Ukraine struck the Druzhba oil pipeline in Russia’s Tambov region, the fifth attack on the route supplying Hungary and Slovakia, though the operator and Hungary’s oil company said flows remained normal.

Meanwhile, US envoys ended talks with the Kremlin without any breakthroughs, with President Trump saying it was unclear what comes next.

Adding to the risk premium, the US also escalated threats against Venezuela’s oil sector.

Still, gains were capped by weak demand and potential oversupply, reinforced by EIA data showing US crude inventories rose 574,000 barrels last week, alongside increases in gasoline and distillate stocks.



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