Oil rose for a second session in Asian trade as investors focused on supply disruptions in Venezuela and Libya and continued to shrug off the potential impact on global demand from the spread of coronavirus.
Futures in New York were up 0.4%, after jumping 2.4% on Wednesday. Venezuela’s ability to export crude is in jeopardy after the U.S. sanctioned a unit of Rosneft PJSC, the country’s main oil shipper, for ties with Nicolas Maduro and the state-run oil company. Meanwhile, Libya’s cease-fire talks were suspended after the capital’s port was shelled by forces loyal to military commander Khalifa Haftar, who has forced a blockade of the country’s crude exports.
West Texas Intermediate for March delivery rose 20 cents at $53.49 a barrel on the New York Mercantile Exchange at 10:32 a.m. Sydney time.
Source : Bloomberg