The post WTI drifts higher to near $58.50 amid geopolitical tensions appeared on BitcoinEthereumNews.com.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $58.50 during the early European trading hours on Wednesday. The WTI price edges higher amid persistent geopolitical tensions, such as the US action on Venezuelan oil tankers.  Geopolitical risks are currently the primary support for the WTI price. The United States intensified its attempts to block Venezuela’s crude oil supplies. In an effort to disrupt supply and cut off funding for the Maduro regime, the US intercepted two Venezuelan oil tankers in the Caribbean Sea and threatened to seize additional sanctioned boats approaching or departing Venezuela. Reuters reported late Monday that US President Donald Trump said the US would maybe keep and maybe sell the oil it had seized off the coast of Venezuela in recent weeks. He further stated that the US would also keep the seized ships.  On the other hand, an unexpected increase in the US crude oil inventories report indicated a potential softening in demand, which could weigh on the black gold. Data released by the American Petroleum Institute (API) on Tuesday showed that crude oil stockpiles in the US for the week ending December 19 rose by 2.4 million barrels compared to a fall of 9.3 million barrels in the previous week.  Traders await the release of the Energy Information Administration (EIA) crude oil stockpiles report later on Wednesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could boost the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might drag the WTI price lower.  WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and…

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Filed under: News - @ December 24, 2025 1:28 am