America News Agency

Brent crude futures rose to $63.3 per barrel on Friday, while U.S. West Texas Intermediate (WTI) traded around $59.7 per barrel.

Investors are closely monitoring potential U.S. actions against Venezuela after Trump signaled urgent measures toward the oil-producing nation. Rystad Energy warned that any escalation could threaten the country’s 1.1 million barrels-per-day crude output.

Prices were further supported by the absence of progress in U.S.–Russia talks in Moscow regarding the Ukraine war, reducing the likelihood of Russia restoring supply in the near term. Ukraine continues to target Russian energy infrastructure.

Expectations of an interest rate cut by the Federal Reserve at its December 10 meeting also contributed upward pressure, as such a move could stimulate economic activity and increase oil demand.

However, concerns about demand and potential oversupply limited gains. Saudi Arabia cut its Arab Light crude price for Asia to a five-year low, while Canadian crude fell to its lowest level since March.