Oil Erases Loss After US Seizes Tanker Off Coast of Venezuela
Trucks pass crude oil storage tanks outside Midland, Texas.
Photographer: Matthew Busch/BloombergOil futures erased earlier declines after US forces intercepted and seized a sanctioned oil tanker off the coast of Venezuela, a move that marks a major escalation of tensions between the two countries.
West Texas Intermediate traded higher to settle above $58 after earlier dropping as much as 1%. Brent crude settled above $62.