Oil prices rose for a second day on Friday, set for their third weekly gain, on uncertainty about the future of supply from Venezuela and as Iranian unrest increases concerns about output there.
Both benchmark prices climbed more than 3% in the last session. The US will control sales of sanctioned Venezuelan oil "indefinitely" as it prepares to roll back restrictions on the country, the White House said.
Russia doubled down on its longstanding position of declaring Western forces in Ukraine "legitimate targets," days after France and the UK pledged to send troops there in the event of a peace deal.
Even if the US, Europe and Ukraine reach their own agreement, Moscow's statement underlines just how far apart the two blocs remain in these negotiations – a boon to oil prices.
A nationwide internet blackout was reported in Iran on Thursday, internet monitoring group NetBlocks said, as protests over economic hardships continued around the country.
US crude oil inventories fell sharply last week, while stocks of petrol and distillate fuels recorded larger-than-expected increases, according to the EIA. That painted a mixed picture of demand.
Brent crude pushed above the resistance at 50 SMA before easing, which suggests price consolidation by the end of this week. A pullback towards $61.3 seems likely.
Asset recap
As of market close on 8 January, among EBC products, Lockheed Martin shares led gains after signing a landmark framework agreement with government to accelerate the production and delivery of the PAC-3 MSE.
China started an anti-dumping probe into a key chipmaking material from Japan, escalating a dispute between Asia's largest economies. The Nikkei 225 skid, with the biggest loser SoftBank falling 7.6%.
Wall Street rally broadened as the Russell 2000 hit a fresh record high. The broader market could be witnessing what analysts are calling the "Great Rotation" with tech-heavy Nasdaq 100 underperforming.
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