Oil Prices Hold Gains as Markets Focus on Supply Fears and Economic Strength

Oil prices stabilized on Wednesday after a run of gains, with markets digesting U.S. economic strength and ongoing supply uncertainty tied to Venezuelan crude exports and the continued war between Russia and Ukraine. At the time of writing, Brent crude was trading just 0.13% higher at $62.46, while West Texas Intermediate had risen 0.17% to $58.48. Both contracts are up over 4.5% in the last five trading days, as geopolitical risk has pushed prices higher. Robust U.S. economic data underpinned the latest rally, with Tuesday's data showing the U.S.…