Oil rises on supply worries after CPC attack

LONDON, Dec 1 (Reuters): Oil prices rose 1 per cent on Monday as the Caspian Pipeline Consortium halted exports after a major drone attack and US-Venezuela tensions raised concerns about supply, while OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026.
Brent crude futures advanced 71 cents, or 1.14 per cent, to $63.09 a barrel by 1143 GMT. US West Texas Intermediate crude gained 68 cents, or 1.16 per cent, to $59.23.
The Caspian Pipeline Consortium, which carries 1 per cent of global oil, on Saturday said it halted operations after a mooring at its Russian terminal on the Black Sea was damaged by a Ukrainian drone. Chevron, a CPC shareholder, said late on Sunday that loadings were continuing at the Russian port of Novorossiysk.
The attacks on the CPC export terminal drove oil prices higher on the back of reduced export volumes, UBS analyst Giovanni Staunovo said.