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Canada’s Trade Deficit Jumps in November as Exports Slide and Firms Diversify Away From U.S. 
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Oil prices edged higher on Monday, recovering part of last week’s sharp decline, as rising geopolitical tensions between the United States and Venezuela fueled concerns over potential supply disruptions. These worries outweighed lingering fears about global oversupply and uncertainty surrounding a possible Russia-Ukraine peace agreement.
Brent crude futures gained 25 cents, or 0.4%, to trade at $61.37 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 23 cents, or 0.4%, to $57.67 per barrel in early Asian trading. The rebound followed a nearly 4% drop last week, driven by expectations of ample supply and mixed signals from geopolitical developments.
Market analysts noted that oil prices remain highly sensitive to global political risks. Peace negotiations between Russia and Ukraine have oscillated between optimism and caution, creating uncertainty about future Russian oil supplies. A potential peace deal could eventually allow more Russian crude back into global markets, as Western sanctions currently restrict exports. However, recent reports of Ukrainian strikes on a major Russian oil refinery in Yaroslavl have renewed short-term supply concerns after the facility reportedly suspended operations.
At the same time, escalating U.S.-Venezuela tensions have added upward pressure on crude prices. Venezuela’s oil exports have dropped significantly following the seizure of an oil tanker by the U.S. and the imposition of fresh sanctions on shipping companies and vessels linked to Venezuelan crude. Political developments in the country, including opposition leader Maria Corina Machado’s high-profile move abroad, have further unsettled markets and raised fears of prolonged supply disruptions.
Despite the price rebound, analysts cautioned that oversupply concerns remain strong. Global markets continue to face ample production, and unless geopolitical risks intensify further, WTI prices could face renewed downside pressure and potentially fall below $55 per barrel early next year.
On the supply side, U.S. energy companies reduced the number of active oil and gas rigs for the second time in three weeks, according to Baker Hughes data. While this may signal some restraint in future production growth, investors remain cautious as oil markets search for clearer direction amid shifting geopolitical and economic signals.
