Crude oil attempted to strengthen after defending the $55.00–$55.23 long-term support zone but saw short-term enthusiasm fade Thursday at a slightly higher three-day high of $57.00, highlighting prior November support now acting as resistance,

Oil prices settled marginally higher on Thursday as investors assessed the likelihood of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Christof Ruehl, Global Advisor at Crystol Energy, believes OPEC can tolerate oil prices in the mid-$50s and that any decision to cut output would be driven by politics rather than price levels.

Crude oil has bounced from key support near $55, but skepticism remains about any sustained upside. With rising production and slowing economic conditions, rallies are viewed as potential selling opportunities rather than a trend change as conditions are so poor.

China's flows of crude oil into storage probably jumped in November to the highest in six months, as a surge in imports overwhelmed steady refinery processing rates.

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Oil prices fell sharply as optimism increased for a Russia-Ukraine peace deal, sending Brent crude below $60 a barrel to its lowest level since May.

There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

Crude oil price extended previous losses to a two-month low as concerns over a supply glut and slowing demand growth continue to weigh on the market.

"The administration is pushing for $40 per barrel crude oil, and with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear," one survey respondent said. "The oil industry is once again going to lose valuable employees."

Escalating tensions may constrain near-term supply, but a post-Maduro scenario with lifted sanctions could allow Venezuela to rebound toward 2 million bpd within 1–2 years, according to Wood Mackenzie.

Canadian oil sands producers lead by Cenovus Energy Inc. plan to expand production next year despite an impending supply glut that threatens to deepen the slump in crude prices. All four of Canada’s biggest oil companies including Cenovus,