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Oil prices stabilized after recent gains, driven by U.S. economic strength and supply uncertainties from Venezuelan exports and the Russia-Ukraine conflict. Brent crude rose 0.13% to $62.46, and WTI increased 0.17% to $58.48. U.S. economic growth and geopolitical risks have supported the rally. Venezuelan legislative actions and Russian attacks on Ukraine add to supply concerns, while long-term forecasts predict rising global oil inventories, potentially pressuring prices downwards.

Baystreet

Oil Prices Hold Gains as Markets Focus on Supply Fears and Economic Strength

USEG

Dubai crude prices rose to a one-month high due to Venezuelan oil export disruptions. The U.S. seized the supertanker Skipper, affecting Venezuelan exports. Cash Dubai's premium increased to 70 cents a barrel. U.S. energy firms added rigs, and Russian ESPO Blend crude discounts widened. Russian attacks in Ukraine caused power cuts. For detailed crude prices and refining margins, refer to the provided RICs.

Reuters

U.S. Energy

Middle East Crude-Dubai rises to over one-month high

Oil futures edged lower after making big gains yesterday on the U.S.’s tightening of the blockade of tankers entering or leaving Venezuela.

Oil futures slip with Venezuela, Russia-Ukraine in focus

The U.S. now controls about 3.7 million barrels of Venezuelan crude from two interdicted oil tankers. President Trump stated, "We're gonna keep it," indicating the oil will not be returned. This policy could result in a financial gain for the U.S. government but also increases accusations of Trump's pressure tactics.

Trump on seized Venezuelan oil: "We're gonna keep it"

DUG Technology Ltd has received a Buy rating from Caleb Weng, bolstered by a significant contract with Petronas expected to enhance earnings from FY26. The contract, with an EBIT margin of 40-45%, indicates strong demand and potential for renewals, while an upfront payment will support capital expenditures. This win validates DUG's technology leadership. Wilsons also maintains a Buy rating with a price target of A$2.86, highlighting an attractive entry point for investors.

Tip Ranks

Promising Growth for DUG Technology Ltd: Buy Rating Backed by Major Petronas Contract and Strong Market Position

Oil futures are declining ahead of the OPEC+ meeting, with analysts skeptical about output increases. Malaysia's renewable energy sector is expected to grow due to supportive policies, with Solarvest as a top pick. Tenaga Nasional's tax issues are largely priced in, maintaining a buy rating. DUG Technology's contract with Petronas is projected to boost earnings significantly, leading to an increased price target. Overall, analysts anticipate OPEC+ will maintain current output levels amid market uncertainties.