Oil prices rise slightly, Brent above $63

Oil drilling rigs

Oil prices rose slightly during trading today, Dec. 2, as investors continued to assess the fallout from the Ukrainian attacks on Russian energy facilities and monitor tensions between the US and Venezuela.

Brent crude was trading up 0.1% at $63.23 a barrel, at 09:01 am Makkah time. West Texas Intermediate (WTI) rose 0.12% to $59.39 a barrel.

Saxo Bank analysts said in a note quoted by Reuters that prices held onto their gains as investors awaited decisions from US President Donald Trump on Venezuela, while also assessing the extent of the damage to the Black Sea export terminal.

The Caspian Pipeline Consortium (CPC) announced on Dec. 1 that oil shipments had resumed from one of the Russian loading points at a Black Sea port, following a halt that came after a Ukrainian drone attack on Nov. 29, while the second loading point remains out of service.