RoydadNaft –  Oil prices climbed for the sixth consecutive trading session on Wednesday, supported by strong U.S. economic data and supply-side risks stemming from Venezuela and Russia. As of 07:14 GMT, Brent crude futures had added 17 cents, or 0.27%, to reach $62.55 per barrel, with U.S. WTI crude up 20 cents, or 0.34%, at $58.58 per barrel.

Since December 16, when prices approached their lowest in five years, these contracts have gained roughly 6%. Market analysts attribute the recovery to positioning in shallow markets and geopolitical tensions — including increased U.S. restrictions on Venezuelan crude — combined with stronger-than-expected U.S. GDP figures. The latest data showed that the U.S. economy expanded at its fastest pace in two years during the third quarter, driven by robust consumer spending and a surge in exports. 

U.S. crude and petroleum product inventories also rose in the most recent American Petroleum Institute weekly report, but this did not significantly dampen upward price momentum. Persistent disruptions to Venezuelan exports and reciprocal attacks on energy infrastructure by Russia and Ukraine were additional supportive factors for the market.