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Oil prices rose by more than 1% in early Asian trading amid geopolitical tensions.
U.S. crude futures opened a dollar higher in Asian trading on Thursday after President Donald Trump placed a blockade on tankers entering and leaving Venezuela and most exports from the country remained on hold.
CNBC's “Power Lunch” team discuss escalating tensions between U.S. and Venezuela and what implications it may have for oil markets with Helima Croft, managing director and head of global commodity strategy at RBC Capital Markets.
U.S. ordered blockade of sanctioned Venezuelan tankers, providing support to oil markets.
At least 34 U.S.-sanctioned oil tankers with a history of carrying Venezuelan oil are currently at sea in the Caribbean, according to an analysis from Kpler. At least 12 of those tankers appear to be filled with crude oil from Venezuela, according to vessel location data from Kpler, a global trade intelligence company.
Commercial crude oil stocks fell by 1.3 million barrels to 424.4 million barrels last week as exports increased and refineries stepped up their capacity use, said the U.S. Energy Information Administration.
The story of the day goes to oil after a U.S. blockade of sanctioned Venezuelan oil tankers sent crude prices higher. Kevin Green explains how the story goes beyond oil.
Crude oil has bounced from key support near $55, but skepticism remains about any sustained upside. With rising production and slowing economic conditions, rallies are viewed as potential selling opportunities rather than a trend change as conditions are so poor.
Futures moved higher before the opening bell even after mortgage applications faced some pressure due to higher mortgage rates. Kevin Hincks talks about the latest data and how it can impact Wednesday's session.
As electric vehicle (EV) makers have discovered, America runs on gasoline. About 290 million registered vehicles cruise the roads.
President Donald Trump said he ordered a "total and complete" blockade of sanctioned oil tankers leaving and entering Venezuela.
Crude oil rebounds as Venezuela's tanker blockade and a sharp U.S. inventory draw lift prices, shaping a cautious bullish oil outlook for traders.
Oil prices surged Wednesday, jumping off multi-year lows after President Donald Trump ordered a “total and complete blockade” of oil tankers into and out of Venezuela.
Amrita Sen, Founder and Director of Research at Energy Aspects, explains why oil's rally looks muted despite potential sanctions on Russia and Venezuela, arguing global oversupply is overwhelming supply risks.
The world has more oil than it needs, but a drop in crude prices this week to the lowest level in nearly five years may help slow production and boost demand.
Oil prices rose more than 1.5% after Trump ordered a total blockade of all sanctioned tankers to and from Venezuela, raising risks of prolonged supply disruptions in the region.
Oil prices rose more than 1.5% on Wednesday after President Trump ordered a total blockade of all sanctioned tankers entering and leaving Venezuela, raising risks of prolonged supply disruptions in the region.
President orders blockade of sanctioned oil tankers in and out of Venezuela
President Donald Trump said he was ordering a blockade of sanctioned oil tankers going into and leaving Venezuela, ratcheting up pressure on Caracas amid a US military buildup in the region and the threat of land strikes. Bloomberg's Stephen Stapczynski reports.
US President Trump has ordered a blockade on all sanctioned oil tankers going in and out of Venezuela, and designated the government a terrorist organization. Josh Young from Bison Interests warns there could be a 'meaningful impact' on oil supply if Trump's announcement translates to enforced policy, especially as tensions between both countries look on track to escalate.