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Escalating tensions may constrain near-term supply, but a post-Maduro scenario with lifted sanctions could allow Venezuela to rebound toward 2 million bpd within 1–2 years, according to Wood Mackenzie.

China's flows of crude oil into storage probably jumped in November to the highest in six months, as a surge in imports overwhelmed steady refinery processing rates.

SINGAPORE, Dec 17 (Reuters) - Oil prices rose more ‌than ​1% on Wednesday after U.S. President Donald ‌Trump ordered "a total and complete" blockade of all sanctioned oil tankers entering and leaving Venezuela, raising ​fresh geopolitical tensions at a time of concerns over demand.

The oil market is under pressure as OPEC+ members have rapidly ramped up production and the U.S. pushes Ukraine to accept a peace agreement with Russia.

WTI stabilizes near $57.70 after sharp selloff but remains below key resistance levels. Geopolitical tensions support prices even as oversupply and demand fears persist.

March NY world sugar #11 (SBH26 ) on Tuesday closed down -0.13 (-0.87%), and March London ICE white sugar #5 (SWH26 ) closed down -3.40 (-0.80%). Sugar prices retreated on Tuesday due to a slump in crude oil prices.

Oil prices fell sharply as optimism increased for a Russia-Ukraine peace deal, sending Brent crude below $60 a barrel to its lowest level since May.