Oil prices were up slightly during Wednesday’s Asian session after the United States reported strong gross domestic product growth, with the U.S. also continuing its pursuit of a tanker near Venezuela.
Brent crude prices were up 0.1% to US$62.43 per barrel by 3:05 pm AEDT (4:05 am GMT). West Texas Intermediate climbed 0.1% to $58.43.
The U.S.’ gross domestic product GDP grew at an annual rate of 4.3% last quarter, the Bureau of Economic Analysis said today. This is its best performance since 2023’s third quarter, and surpassed Reuters-polled economists’ forecast of 3.3%.
“The increase in real GDP in the third quarter reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment,” said the agency.
Combined consumer spending and gross private fixed investment rose by 3%, up from 2.9% in the previous quarter. Corporate profits were up $166.1 billion, growing from $6.8 billion.
The U.S. is continuing to chase the sanctioned oil tanker Bella 1 in international waters near Venezuela, meanwhile. U.S. President Donald Trump called for a blockade of sanctioned tankers entering or exiting the country last week, and the U.S. has seized two tankers so far this month.
The Bella 1 has refused to be boarded by the U.S. Coast Guard, Reuters reported. The Coast Guard is waiting for additional specialists to arrive before seizing the tanker, which it has been chasing since Sunday (Monday AEDT).
U.S.-based Chevron is the only foreign oil company operating in Venezuela, and is the largest oil producer in the country. It has said its presence is "a stabilising force for the local economy, the region and U.S. energy security".
Chevron “could easily exit Venezuela if they didn't really believe in the mission and the future in favour of places that have a lot greater political stability. But I think they see a long-term future in Venezuela and with the communities that they support there,” said Center for Strategic and International Studies senior fellow for energy security Clayton Seigle.
