Oil Futures Steady Amid Geopolitical Risks


   
   SECAUCUS, NJ (DTN) -- Crude oil futures were steady on Friday (12/26) in 
thin post-Christmas trading, supported by geopolitical risks that muted 
concerns of global oversupply.
NYMEX WTI futures contract for February delivery was up $0.01, or 0.02%, at 
$58.36 bbl.
The front-month ICE Brent futures contract  fell $0.03, or 0.05%, to $62.21 bbl.
Meanwhile,  the front-month ULSD contract slid $0.012, or 0.3%, to $2.1456 
gallon.
RBOB futures contract for January delivery dipped $0.0124, or 0.8%, to $1.7347 
gallon.
Energy markets reopened from the Christmas break to news of U.S. airstrikes 
against Islamic State militants in Nigeria, adding to the imminent supply risks 
posed by U.S. seizures of Venezuelan oil cargoes. Both countries are OPEC 
members.
Media reports also said the White House had ordered its military forces to 
focus on a "quarantine" of Venezuelan oil for at least the next two months. 
"These few geopolitical developments are limiting the downside in oil, given 
the illiquid post-Christmas conditions and the U.K. still being on holiday for 
the Boxing Day, which impacts Brent trading," said John Kilduff, partner at New 
York energy hedge fund Again Capital.
WTI and Brent rose roughly  3% on the week,  after sliding about  5% over the 
prior  two weeks.
Year-to-date, both benchmarks show losses of more than 17%, heading for their 
sharpest annual decline since 2020, the year of the coronavirus outbreak.




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