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Oil Steadies as Geopolitical Risks Counter Oversupply Outlook - BLOOMBERG
Oil steadied as traders weighed geopolitical tensions from Venezuela to Russia and Yemen against concerns about a global glut.
West Texas Intermediate futures were little changed to settle near $58 a barrel in quiet trading ahead of New Year’s.
The United Arab Emirates said it will withdraw forces from Yemen following a flare up in tensions with oil-rich ally Saudi Arabia over military operations in the conflict-hit country.
At the same time, President Donald Trump’s push to for a peace plan in Ukraine faces fresh obstacles after Russia’s Vladimir Putin said he would revise his negotiating position. Moscow’s oil has come under tighter international sanctions in an effort to force an end to the war.
