Oil Prices Rise Amid Weaker Major Profits

Crude oil and gasoline prices rose modestly this week, with gasoline reaching a one‑month high, though gains were capped by a stronger dollar and signs of weakening Chinese demand after October’s PMI fell to 49.0. Markets were supported by reports that the U.S. identified potential military targets in Venezuela that could disrupt oil supplies and by hopes for a U.S.–China tariff truce. Additional supply support came from U.S. and EU measures targeting Russian energy firms and shadow‑fleet vessels and from Ukrainian strikes on Russian refineries that may curb exports. Traders remained rangebound ahead of the OPEC+ meeting, where another December output increase is widely expected, and some analysts warned that higher OPEC production and uncertain enforcement of Russia sanctions could keep a lid on prices. U.S. crude inventories showed a larger‑than‑expected draw last week, while major oil companies reported weaker quarterly profits and Russia’s Lukoil moved to sell international assets amid sanctions pressure.