Crude oil futures rose by midday Wednesday, on track to finish higher following a four-session drop, after the Trump administration blocked sanctioned oil tankers from moving in and out of Venezuela.
At noon ET, the more-active February NYMEX West Texas Intermediate crude contracts were 95cts higher at $56.10/bbl and front-month January WTI futures were also up by about 95cts to $56.25/bbl.
London-based February Brent was around $1 higher at $59.90/bbl and March Brent was up by 90cts to $59.55/bbl.
Oil prices have fallen more than $2 in the last four sessions, weighed down by lower geopolitical risks on signs that a Russian-Ukraine peace deal is within reach.
Prices were also underpinned by a modest drawdown in crude stocks. According to the latest Energy Information Administration data published Wednesday, U.S. commercial oil stocks fell 1.3 million bbl for the week ended Friday. However, gasoline inventory jumped 4.8 million bbl and distillate stocks also increased by 1.7 million bbl.
February RBOB was 1.8cts higher to $1.7035/gal and January RBOB was also up by 1.8ct to $1.6985/gal. February ULSD was about 1.25ct higher to $2.1320/gal and January ULSD was up by 1.2ct to $2.1405/gal.
On Tuesday, President Trump on Truth Social ordered a "total and complete blockade" of all sanctioned oil tankers entering and leaving Venezuela, in a major escalation of his pressure campaign against the country's leader, Nicolás Maduro.
However, analysts said the latest threat by Trump provided limited upside risk for crude prices because the oil market would continue to face a projected large surplus next year even with the loss of Venezuelan crude exports.
In the spot market, Los Angeles and San Francisco CARBOB barrels were up 5.5-765cts following stronger trades, while other physical products largely mirrored moves in NYMEX futures.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
December 17, 2025 12:38 ET (17:38 GMT)
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