Crude oil contracts were up modestly in light, pre-Christmas trading Wednesday on continuing concerns over Venezuelan production and little tangible progress in efforts to broker a peace deal between Russian and Ukraine.
The more-active NYMEX February West Texas Intermediate contract was up 10cts to $58.50/bbl at noon ET and the March WTI contract was also 10cts higher at $58.25/bbl.
The ICE February Brent crude contract was down 5cts to $62.35/bbl and March Brent was 5cts higher at $61.95/bbl.
Both oil contracts have settled higher for five-straight sessions after U.S. military forces seized more tankers off Venezuela. President Trump has ordered the military to block all sanctioned vessels from entering and leaving the South American country.
The NYMEX February RBOB contract was up 0.4ct to $1.7535/gal and January RBOB added about the same amount to trade at $1.7470/gal. The February ULSD contract was down 1.6cts to $2.1665/gal and January ULSD was 2cts lower at $2.1705/gal.
Oil contracts may also have found some support after a delayed government report released on Tuesday showed U.S. GDP rose by an annualized rate of 4.3% in the third quarter.
Analysts said petroleum prices have also been underpinned by fading expectations of a quick resolution to Russia's war against Ukraine. Still, expectations that the global oil market will be well supplied in 2026 should limit potential oil price increases.
In U.S. cash refined product markets, Los Angeles CARBOB prices rose nearly 13cts on stronger trades, while prices in other markets were mostly tracking 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 Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
12-24-25 1250ET
