Oil rises for sixth session on US data, geopolitical tension

Oil prices rose for a sixth day on Wednesday supported by robust US economic growth and the risk of supply disruptions from Venezuela and Russia. Brent crude futures climbed 17 cents, or 0.27%, to $62.55 a barrel by 0714 GMT, while US West Texas Intermediate crude added 20 cents, or 0.34%, to $58.58. 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 US 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.