Oil Steadies as Traders Focus on Venezuela, Black Sea Outage

Oil prices have declined as traders closely monitor ongoing peace talks between Russia and Ukraine, raising concerns about the stability of oil supplies from Venezuela. The January WTI contract has seen a notable drop, reflecting market anxieties over geopolitical tensions and their potential impact on oil production.

A fourth Russia-connected tanker was attacked in the Black Sea on Tuesday, marking a significant increase in assaults on vessels associated with Moscow as the conflict in Ukraine approaches its fifth year. This escalation reflects ongoing tensions in the region and the strategic importance of maritime routes for both Russia and Ukraine.

U.S. President Donald Trump reportedly rejected requests from Venezuelan leader Nicolás Maduro during a recent call, further narrowing Maduro's options amid ongoing political and economic turmoil in Venezuela. This development highlights the strained relations between the two leaders and the challenges facing Maduro's administration.

Oil prices increased following OPEC+'s confirmation to maintain its pause on production hikes during the first quarter, as traders considered the implications of President Donald Trump's recent statements regarding Venezuela.

Donald Trump has granted clemency to David Gentile, the founder and former CEO of GPB Capital, who was recently sentenced to seven years in prison for his involvement in a $1.6 billion fraud scheme that defrauded numerous investors. This decision comes as Gentile had just begun serving his sentence, raising questions about the implications of such clemency actions.