Oil Prices Climb On Supply Disruption Concerns

(RTTNews) - Oil prices climbed on Thursday amid geopolitical risks stemming from Venezuela to Russia.

Investors were also reacting to the latest data from the Energy Information Administration that showed crude inventories dropped by 1.3 million barrels to 424.4 million barrels in the week ended December 12.

Benchmark Brent crude futures rose half a percent to $60.01 a barrel while WTI crude futures were up 0.7 percent at $56.18.

After U.S. President Donald ordered "a total and complete" blockade against oil tankers travelling to or from Venezuela, the South American country has ordered its Navy to escort ships carrying petroleum products from port, escalating the risk of a confrontation with the United States.

The U.S. military reportedly killed four people in its latest attack on a vessel in the eastern Pacific Ocean without providing any evidence that the destroyed vessel was involved in drug trafficking.

As Washington increases its military presence in the region, including troops and warships, China has voiced opposition to what it described as "unilateral bullying".

Elsewhere, Russian President Vladimir Putin has said in a speech at the annual meeting of the Russian Defense Ministry that he would not compromise on his demands for Ukraine to cede territory.

European leaders will debate at a key summit this week whether to use frozen Russian assets to fund Ukraine. Also, U.S. and Russian negotiators will hold talks in Miami this weekend over a peace deal aimed at ending the Ukraine crisis.