Commodities
Oil Climbs as Geopolitical Risks Mount From Russia to Venezuela
An oilfield crew works a service rig during a state-funded oil well plugging operation in Midland, Texas.
Photographer: Eli Hartman/BloombergOil rose from a four-and-a-half-year low after the US signaled tougher measures against Russia to spur a peace deal in Ukraine and declared a blockade of Venezuelan oil exports.
West Texas Intermediate futures climbed 1.2% to settle just below $56 a barrel on Wednesday, another day of relatively thin trading as the North American holidays and new year approach.