Oil Holds Gains Amid Geopolitical Tensions, Despite Rising Inventories

• Oil prices, including West Texas Intermediate near $58 and Brent under $62, held gains despite concerns over a supply glut.
• Geopolitical tensions are a key factor, with Venezuela shutting wells due to a US blockade and alleged US strikes.
• Russia-Ukraine conflict sees new obstacles as Putin revises position after drone attacks, while Trump vows action against Iran's nuclear program.
• Concerns persist about a global production surplus, with OPEC+ output and a 15% surge in oil held on stationary tankers.
• US crude stockpiles at Cushing, Oklahoma, saw the biggest weekly build since October, with nationwide gasoline and distillate holdings also rising.

Why It Matters: Geopolitical risks are currently outweighing global oil inventory concerns, keeping prices elevated.