Oil gains on Venezuelan supply concerns, but poised for weekly loss

Oil prices rose on Friday supported by concerns of Venezuelan supply disruptions, though they remained on track for a weekly drop amid cautious market sentiment and optimism over the prospects for a Russia-Ukraine peace deal. Brent crude futures rose 43 cents, or 0.70%, to $61.71 a barrel by 0352 GMT, and U.S. West Texas Intermediate crude was at $58.03 a barrel, up 43 cents, or 0.75%. The U.S. is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week, as it increases pressure on Venezuelan President Nicolas Maduro, six sources familiar with the matter said on Thursday.The U.S. seizure this week raised concerns about supply disruptions. “After selling on expectations that supply pressures would ease amid hopes for a Russia-Ukraine peace agreement, buying emerged to pare losses following the U.S. seizure of a Venezuelan tanker,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.