Oil Rises With Damage to Key Black Sea Terminal, Venezuela Risk

Oil rose as a key pipeline linking Kazakh fields to Russia’s Black Sea coast halted loading after one of its three moorings was damaged amid Ukrainian attacks in the region over the weekend, while traders assessed potential US military operations in Venezuela alongside expectations for oversupply.

West Texas Intermediate rose 1.3% to settle above $59 on Monday. The Caspian Pipeline Consortium carries most of Kazakhstan’s crude exports, which have averaged 1.6 million barrels a day so far this year. The mooring was severely damaged after the explosion, a person with knowledge of the matter said.