(RTTNews) – Crude oil prices saw some more gains in trading on Thursday, following a notable surge seen in the previous session.
Crude for January delivery was last seen trading up $0.13, or 0.2 percent, at $56.07 a barrel after jumping $0.67, or 1.2 percent, during Wednesday’s session.
The steady rise in crude oil prices comes amid geopolitical concerns stemming from Venezuela and Russia.
After President Donald Trump ordered a “complete and total” blockade against oil tankers coming to or from Venezuela, the South American country has ordered its navy to escort ships carrying petroleum products from port, raising the risk of confrontation with the United States.
The US military reportedly killed four people in its latest attack on a ship in the eastern Pacific Ocean, without providing any evidence that the destroyed ship was involved in drug trafficking.
As Washington has increased its military presence in the region, including troops and warships, China has protested, describing it as “unilateral bullying”.
Elsewhere, Russian President Vladimir Putin said in a speech at the annual meeting of the Russian Defense Ministry that he would not compromise on his demands to hand over territory to Ukraine.
European leaders will debate at a major summit this week whether to use frozen Russian assets to fund Ukraine.
Meanwhile, US and Russian negotiators will hold talks in Miami this weekend on a peace deal aimed at ending the Ukraine crisis.
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