Brent crude futures rose by 26 cents, or 0.39 per cent, to $66.89 per barrel, while US WTI crude climbed 22 cents, or 0.34 per cent, to $64.18 a barrel. The market was buoyed by news that US President Donald Trump had extended the tariff truce with China by another 90 days. 

Oil prices stabilise amid US-China trade truce extension and awaited US-Russia talks

The ongoing political tensions have an underlying economic dimension to them. The thickly forested esequibo region is at the centre the dispute. While it is a part of english-speaking guyana, venezuela has revived its claim to the region. The dispute is at least two centuries old and has its origins in european colonialism. The dispute would have lingered without any flare up. But things took a drastic turn in 2015. U.s. Firm exxon found crude oil reserves in esequibo's offshore waters.

How oil discovery transformed esequibo dispute | World Business Watch

Oil is up more than 35% this year amid optimism fuel demand will increase as the vaccination drive accelerates across major economies and boosts mobility.

Oil steady near two-year high on improving U.S. demand outlook

Brent crude oil rebounded from 2-days of losses. Oil trading has been more volatile than ever in recent days. Watch report.

US oil jumps 20% in wild trade: Revound from 20-yr low levels

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Oil prices stabilise amid US-China trade truce extension and awaited US-Russia talks

How oil discovery transformed esequibo dispute | World Business Watch

Oil steady near two-year high on improving U.S. demand outlook

US oil jumps 20% in wild trade: Revound from 20-yr low levels