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Oil prices posted a second weekly loss after Trump's comments.
Oil prices rose at settlement on Friday, December 19, but still recorded a second consecutive weekly decline amid increasing prospects for a peace agreement between Russia and Ukraine and US President Donald Trump's statement that he does not rule out war with Venezuela.
Brent crude futures rose 65 cents, or 1.09%, to settle at $60.47 a barrel.
US crude futures rose 51 cents, or 0.91%, to settle at $56.66 a barrel.
On a weekly basis, Brent fell 1.3% and US crude declined 1.4%.
US crude oil prices rose on Friday after President Donald Trump told NBC News that he does not rule out war with Venezuela, a member of OPEC.
"I don't rule it out, no," Trump told the network in a telephone interview. He declined to say whether his goal was to oust President Nicolas Maduro.
Analysts widely expect a global oil supply surplus next year, driven by increased production from the OPEC+ group, along with the United States and other producers.
“Staying at these levels indicates that the market is currently well-supplied with oil… There is sufficient oil to mitigate any disruptions,” said Ole Hansen, head of commodity strategy at Saxo Bank.
This comes as it remains unclear how the United States will implement Trump’s declaration to block sanctioned oil tankers from entering or leaving Venezuela. Venezuelan oil supplies account for about 1% of global supply. In an unprecedented move, the US Coast Guard seized a Venezuelan oil tanker last week.
Analysts believe that further measures targeting Russian oil could pose a greater threat to supplies than Trump’s blockade of Venezuelan oil tankers.
Venezuela on Thursday allowed two large crude oil tankers not subject to sanctions to sail to China, according to two sources familiar with Venezuelan oil exports.
