Oil prices were mostly steady on Wednesday, taking a pause after climbing for five straight sessions.
Prices have been supported by strong U.S. economic growth and growing worries about oil supply disruptions, especially from Venezuela and Russia.
Early in the day, Brent crude slipped just 1 cent to $62.37 a barrel, while U.S. West Texas Intermediate (WTI) edged up 1 cent to $58.39.
Both benchmarks are still up about 6% since December 16, when prices fell to levels close to five-year lows.
According to market analysts, last week’s rally came from a mix of factors. Thin holiday trading pushed traders to close positions, and rising geopolitical tension added support — especially after the U.S. moved to block Venezuelan oil shipments. Strong U.S. economic data also helped lift sentiment.
Recent data showed the U.S. economy grew at its fastest pace in two years during the third quarter, driven by strong consumer spending and a sharp rebound in exports.
That strength made traders largely ignore a build in U.S. oil inventories reported overnight. Still, analysts say rising stockpiles could slow the rally if prices push closer to $60 in the coming days.
According to industry data, U.S. crude inventories rose by 2.39 million barrels last week. Gasoline and distillate fuel stocks also increased. Official government figures are expected next week, delayed because of the Christmas holiday.
On the supply side, Venezuela remains the biggest concern. More than a dozen oil tankers are reportedly sitting offshore, waiting for instructions after the U.S. seized one supertanker and targeted others. President Donald Trump recently announced a “blockade” of sanctioned vessels moving in and out of Venezuela, increasing pressure on President Nicolas Maduro.
At the same time, ongoing attacks between Russia and Ukraine on energy infrastructure have added another layer of risk to global supply.
Even with the recent bounce, analysts warn oil prices are still on track for another quarterly loss, as expectations of a supply surplus continue to weigh on the market.
For now, oil is holding steady — caught between strong economic signals and rising supply concerns.
