FX.co ★ Oil Holds Advance

On Tuesday, West Texas Intermediate (WTI) crude oil futures remained steady near $59.5 per barrel following a gain of over 1% in the previous trading session. This increase was fueled by ongoing geopolitical tensions impacting global supply and the latest decision by OPEC+. Over the weekend, Ukrainian actions significantly impacted a mooring of the Caspian Pipeline Consortium, a crucial route connecting oil fields in Kazakhstan to Russia's Black Sea coast, leading port authorities to suspend all loading activities. Concurrently, tensions have heightened between the United States and Venezuela, particularly after President Donald Trump declared Venezuelan airspace essentially restricted, coinciding with Washington's bolstering of its military presence in the area. In the backdrop of these developments, OPEC+ announced on Sunday that they intend to maintain current production levels into the first quarter of 2026, as the organization addresses fluctuating demand patterns and the possibility of excess supply in the upcoming year.