Markets are closely monitoring the risk of a potential US blockade on Venezuelan oil tankers, which could disrupt supplies and slightly increase international crude oil prices on December 19.

West Texas Intermediate (WTI) crude for January delivery increased by US$0.51 (0.9%), reaching US$56.66 per barrel on the New York Mercantile Exchange. Brent crude for February delivery rose by US$0.65 (1.1%) to US$60.47 per barrel. However, both major crude oil futures contracts still declined by approximately 1% during the week of December 15 to 19.