British News Agency

Brent Crude Futures rose by 0.1% to $62.42 per barrel, while US West Texas Intermediate (WTI) futures also rose by 0.2% to $58.48 per barrel.

Both reference indices registered consecutive gains in the last five sessions due to supply disruption risks. Geopolitical risks continue to be an important support factor for oil, while tensions between Washington and Caracas brought concerns over Venezuela's oil exports back to the forefront.

The US increased sanctions on ships related to Venezuelan crude oil shipments, raising expectations that the supply flows from the OPEC member country would tighten further.

Although Venezuela's production is relatively modest by global standards, analysts said that any disruption during a period when markets are sensitive to geopolitical shocks reinforces a broader risk premium. Oil prices also found support from positive economic data showing that the US economy grew by 4.3% year-on-year in the third quarter.

Stronger-than-expected figures highlighted the resilience of consumer spending and business activity, alleviating concerns about a slowdown in the world's largest oil consumer.

Energy market investors also assessed the new stock data from the American Petroleum Institute (API). API data released late Tuesday showed that US crude oil stocks increased by about 2.4 million barrels for the week ending December 19. This contradicted expectations of a stock decline and signaled a reversal of the sharp drop reported a week earlier.