LONDON, Dec 24 (Reuters): Oil prices rose slightly for a sixth day on Wednesday, supported by robust US economic growth and the risk of supply disruptions from Venezuela and Russia, though prices were on course for their steepest annual decline since 2020.
Brent crude futures climbed 16 cents, or 0.3%, to $62.54 a barrel by 1222 GMT, while US West Texas Intermediate crude added 23 cents, or 0.4%, to $58.61.
Both contracts have gained about 6% since December 16, when they plunged to near five-year lows.
"What we've seen over the past week is a combination of position squaring in thin markets, after last week's breakdown failed to gain traction, coupled with heightened geopolitical tensions, including the U.S. blockade on Venezuela and supported by last night's robust GDP data," IG analyst Tony Sycamore said.
US data showed the world's largest economy grew at its fastest pace in two years in the third quarter, fueled by robust consumer spending and a sharp rebound in exports.
Still, Brent and WTI prices are on track to drop about 16% and 18%, respectively, this year - their steepest declines since 2020 when the COVID-19 pandemic hit oil demand.
On the supply side, disruptions to Venezuelan exports have been the most significant factor pushing
up oil prices, while Russia's and Ukraine's continued attacks on each other's energy infrastructure
have also supported the market, Haitong Futures said in a report.
Meanwhile, US crude inventories rose by 2.39 million barrels last week.
