Crude oil futures ended higher on Tuesday with renewed risk premium arising due to the U.S.-Venezuela and Russia-Ukraine conflicts. The traders took a cautious approach as U.S. President Donald Trump ordered a naval blockade offshore Venezuela to all ‘sanctioned vessels’ entering and exiting Venezuelan port. The U.S. military has already seized two vessels off Venezuelan coast with the U.S. Coast Guard heading to hold another one. Meanwhile in Europe, Russian forces attacked Ukraine's Black Sea port of Odesa, damaging the port facilities and a ship.
Benchmark crude oil futures for February increased $0.37 or 0.64% at $58.38 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.31 or 0.50% to settle at $62.38 a barrel on London's Intercontinental Exchange.
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