Oil prices experienced slight increases on Wednesday, building on the gains from the prior session, bolstered by strong U.S. economic growth and concerns regarding potential supply disruptions from Venezuela and Russia. Brent crude futures increased by 4 cents, or 0.06%, reaching $62.42 a barrel by 0117, whereas U.S. West Texas Intermediate crude rose by 3 cents, or 0.05%, to $58.41. Oil experienced an increase exceeding 2% on Monday, with Brent marking its largest daily gain in two months and WTI rising the most since November 14. Prices recorded additional increases exceeding 0.5% on Tuesday.

The U.S. economy exhibited growth that surpassed expectations, propelled by strong consumer spending, according to the initial estimate of third-quarter GDP released by the Commerce Department’s Bureau of Economic Analysis on Tuesday. Gross domestic product rose at an annualized rate of 4.3% last quarter, marking the most rapid growth since the third quarter of 2023, according to the report. “Overnight gains were bolstered by the recent release of the U.S. Q3 GDP figures, which came amid rising geopolitical tensions,” noted IG analyst Tony Sycamore.

Disruptions to Venezuelan exports have emerged as the primary driver of market sentiment, while the ongoing assaults between Russia and Ukraine on each other’s energy infrastructure have further bolstered prices, according to a report by Haitong Futures. Analysts noted that the market overlooked oil inventory data in the world’s largest consumer, attributing this to the dominance of other influencing factors. U.S. crude inventories experienced an increase of 2.39 million barrels last week, alongside a rise in gasoline stocks by 1.09 million barrels and a growth in distillate inventories by 685,000 barrels, according to market sources. The U.S. Energy Information Administration is scheduled to release its data on Monday, a delay attributed to the holiday period. Haitong Futures noted in the report that the holiday impact in December led to a temporary peak in refined oil demand, which resulted in a muted market reaction to the inventory build.

Earlier this month, U.S. President Donald Trump declared a blockade on all oil tankers subject to sanctions that are entering and exiting Venezuela, resulting in heightened vigilance among vessel owners. The Panama-flagged very large crude carrier Kelly, which set sail from Venezuela with oil last week, has re-entered Venezuelan waters after U.S. interceptions of additional tankers, according to a source. Over a dozen loaded vessels are currently anchored in Venezuela, awaiting further instructions from their owners following the recent seizure of the supertanker Skipper by the U.S. earlier this month, alongside the targeting of two additional vessels over the weekend.