Oil Prices Move In Tight Range After Recent Gains

After moving up sharply in the previous session amid escalating tensions between the U.S. and Venezuela, and the feud between Russia and Ukraine, Oil prices are moving in a tight range Tuesday morning with traders awaiting the official crude inventory data for the week ended December 19th.

West Texas Intermediate Crude oil futures for February were up $0.07 or 0.12% at $58.08 a barrel a little while ago.

Brent crude futures were up $0.09 or 0.14% at $62.16 a barrel.

The American Petroleum Institute (API) will release its weekly oil report later in the day, while the Energy Information Administration’s crude inventory data will be out Wednesday morning.

Oil prices moved up on Monday after U.S. President Donald Trump ordered a “naval blockade” on December 16 on all oil tankers that enter and exit Venezuela. The seizure of two vessels by the U.S. escalated the tensions.

Trump said the U.S. will keep crude oil and tankers seized near Venezuela. “We’re going to keep it,” Trump told reporters in Palm Beach, Florida.

“Maybe we’ll sell it, maybe we’ll keep it, maybe we’ll use it in the strategic reserve,” he said of the seized oil. “We’re keeping the ships also.”