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• Mike Dolan: Guns and gold will win in 2025 but other "safety" trades will bomb.

  In 2025, precious metals outperformed all other "safe haven" investment options. This is remarkable, especially in an year that was marked by turmoil, conflict and artificial intelligence bubble concerns. The market landscape for this year was shaped by a number of factors: a booming economy, politicians pushing for easy money, fading recession fears, an AI frenzy, and rising geopolitical tensions. Precious Metals outperformed almost everything else. Silver and platinum have more than doubled and gold has risen over 60%. This is its biggest jump since 1979's oil crisis. This performance was far superior to the roughly 20% gain in global equity indices. It is not yet clear whether gold, silver and platinum are caught in their own speculative bubble. Their strength is boosted by central bank demand, and their role in the wider tech build-out. The oil glut has sunk the wider commodity indexes this year. The price of crude oil has fallen by 20% in one year despite several tensions in the Middle East and fears that it will reach $100 per barrel. The best investment for those worried about a global conflict was the defense sector. U.S. aerospace stocks and defense stocks saw gains of 36% by 2025 while European counterparts rose 55%, and Germany and Europe re-armed. LAGGING BONDS & DEFENSIVES This year, most traditional buffers and defensives played a role as dead weights in portfolios rather than a protection. Even bitcoin, which is referred to by some as "digital currency", ended the year with a loss. Bonds also had a bad year. Global "risk-free' government bond indices lost about 1% on a dollar basis, but returned just over 6% in total. Bloomberg Multiverse benchmarks, which include government, supranational, agency, and corporate debts, performed little better with price gains around 1% and total returns near 7%. This is less than half of the increase in MSCI's index of all-country stocks, which has been on course for its best year ever since before the pandemic. Going defensive in equities was not a winning strategy. The S&P 500 as a whole, boosted by the tech megacaps and AI theme, posted annual gains of 15 %, as the strong U.S. economy rebounded and interest rates fell in the second half 2025. S&P 500 stocks that are considered "growth" soared 20%. This is more than twice the gain of stocks classified as "value". The S&P 500 total return was 5 percentage points higher than the equally-weighted index. Utility, healthcare, and financial stocks all had good years with gains of more than 10%, but they still trailed behind the main index. Consumer staples, which are at the bottom of the list, only managed to gain 2%. The Dow Industrials blue chip index also lagged behind the S&P 500 as well as the Nasdaq. SAFETY IS LAST The yen of Japan and the franc of Switzerland are often viewed as safe currencies. However, one of these also disappointed at year's end. The yen initially rose in value, as did the Swiss franc. However, the Japanese currency lost all of its gains after the dollar fell. Investors were worried about new fiscal stimulus, and the arrival of Sanae Takaichi as Prime Minister caused some unrest on domestic bond markets. The yen has fallen by about 4% in real terms against Japan's major trading partners. The franc held onto its gains in the early years and was, along with silver and gold, one of few safe havens that made good by 2025. If you thought the dollar was a safe haven during times of geopolitical tension, you were wrong. The 'DXY' dollar index dropped 12% in some of the most turbulent months and continued to be weak throughout multiple flashpoints across the Middle East, Eastern Europe, and even the Caribbean. Investors who are wary of disruptions could have bought volatility indexes that track options to benefit from the wild swings in stock and bond prices. These parachutes didn't open in 2025 either. The S&P 500 VIX "fear" index of implied volatility for one month ended the year at a two-point deficit from where it began, despite big swings during the spring. MOVE, the Treasury equivalent index, has fallen by more than two thirds from its opening level, and is now less than half of its peak in April. Also, the main currency market vol' gauges have fallen. This year, it didn't pay to be overly cautious. Double or quit in 2026? These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source for global financial commentary. Follow ROI on LinkedIn. Sign up for Morning Bid U.S., my weekly newsletter.

• Swiss court admits Indonesian Islanders climate case against Holcim

  A Swiss court said Monday that it would accept a lawsuit against Holcim, a Swiss cement manufacturer. The complaint alleged the company was doing too little in order to reduce carbon emissions. Four residents from the low-lying Indonesian Island of Pari who have been repeatedly flooded by warmer temperatures?pushing up sea levels?, filed a legal complaint to the cantonal Court in?Zug in Switzerland in January 2023. The court admitted the case, but said that it could be reversed in a subsequent appeal if it found that the procedural requirements were not met. Holcim has announced that it will appeal the ruling and that the issue of "who can emit how much CO2?" should be decided by lawmakers, not a civil court. Swiss Church Aid, a non-profit organization that is supporting the Pari case, stated in a press release that this was the first time a Swiss court had admitted climate litigation against a large company. We are delighted. This decision gives me the strength to fight on," Ibu Asmania said in a statement by Swiss Church Aid. Ibu is one of four Pari residents who are pursuing this case. This is great news for our family and us. The NGOs that backed the complainants said they chose Holcim as it is one of the largest carbon dioxide emitters in the world and "a so-called Carbon Major" in Switzerland. Holcim has stated that it is committed to achieving net zero by the year 2050, and follows a 'rigorous, science-based' approach to reach this goal. The company also claims to have reduced CO2 emissions directly from its operations more than 50% in the last five years. The plaintiffs want compensation from Holcim, for the climate damage that they have experienced. They also want financial support in flood prevention measures and a reduction in CO2 emissions. Global Cement and Concrete Association reports that cement production is responsible for about 7% CO2 emissions worldwide. (Reporting and editing by Dave Graham, Denis Balibouse)

• Swiss stocks: Factors to be on the lookout for Monday

  The following are the major factors that could affect Swiss stocks on Monday. HOLCIM The parties to the case reported on Monday that a court in Switzerland had decided to admit a lawsuit against Holcim, the Swiss cement manufacturer, which alleged the company was doing too little to reduce carbon emissions. The CEO of Swiss pharmaceutical giant Roche said on Saturday that the price of new drugs in Switzerland will be affected by the deals between 'pharmaceutical companies' and Washington, which aim to lower the prices of medicines?in the United States. Statements of Company * Novartis announced on Friday that it and the U.S. Government had reached an agreement to lower drug prices in the U.S. Alcon announced on Friday that it had exercised its right to require Staar Surgical?to adjourn their special meeting?of shareholders, which will now be held on January 6. * Georg Fischer announced?on Friday that it will?propose Ton Buechner as a candidate to its board at the annual shareholders' meeting in 2026. ECONOMY Swiss November money supply due at 8am GMT SNB sight deposit due at 9am GMT (Reporting from Zurich and Gdansk Newsrooms)

• Swiss court admits Indonesian islanders climate claim against Holcim

  Parties to the case announced on Monday that a court in Switzerland had decided to accept a legal complaint against Swiss cement manufacturer Holcim, which alleged the company was doing too little to reduce carbon emissions. Four residents from the low-lying Indonesian Island of Pari, whose sea level has been rising due to warmer temperatures, filed a complaint with the cantonal court in Zug, Switzerland, on January 20, 2023. Swiss Church Aid, a non-profit organization that is supporting the Pari 'case, announced the court had accepted the complaint. Holcim acknowledged in a press release that the court had accepted the case and said it intended to appeal. The court did not respond to a request for comment immediately. Swiss Church Aid claims that this is the first case in which a Swiss court has accepted a climate lawsuit brought against a large company. Holcim stated that it is 'fully committed to reaching net zero in 2050, and follows a rigorous science-based approach to achieve this goal. The company says that it has reduced its direct CO2 emissions by over 50% since 2015. Holcim is being sued by the?plaintiffs? for climate damage, flood protection and a reduction in CO2 emissions. Global Cement and Concrete Association reports that cement production is responsible for about 7% CO2 emissions worldwide. (Reporting and editing by Denis Balibouse, Dave Graham)

• All I want for Christmas is accurate economic data

  By Anna Szymanski What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend. Hello Morning Bid readers! The last week of trading in 2025 was rough, but the year looks to be ending on a high note, as central banks, deal-makers and some mind-boggling U.S. inflation numbers keep everyone from wearing their out-of office messages yet. Wall Street's major indexes ended higher on Thursday as Micron Technology surged 16% after announcing a record profit forecast. Core U.S. CPI in November increased by just 2.6% over the previous year, which is the slowest rate since March 2021. This report raised expectations of Federal Reserve interest rates being cut early next year. A few economists, however, think that this report is inaccurate, and some have dubbed it "Swiss Cheese", due to the data collection problems caused by the shutdown of government. This week, investors also got the November US payrolls figures. After a massive fall in October, the economy created 64,000 new jobs, which was above expectations. The unemployment rate also increased to a 4-year high, at 4.6%. The Bureau of Labor Statistics had to change its calculation method due to the 43-day shutdown of the government. This week, the central banks once again dominated the news. Kazuo Ueda, Governor of the Bank of Japan, urged a 25-basis point increase in interest rates to 0.75% on Friday, which was the highest rate for thirty years. However, the yen fell as it would take more than modest tightening of monetary policy to ensure that the Japanese currency is not in the "danger zone" created by the intervention. On Thursday, the Bank of England took the opposite course and cut its policy rate from 4% to 3.75% - marking the sixth reduction since August 2024. The BoE may be behind schedule due to the unexpectedly large fall in UK inflation that occurred last month, and a stagnant economy. The European Central Bank kept rates at 2.0% on Thursday but signaled that its easing cycle was likely to be over. The pace of dealmaking is not likely to slow down anytime soon. Warner Brothers Discovery rejected Paramount's "hostile takeover bid" of $108.4 billion on Wednesday. On Thursday, a $6 billion deal was announced for a merger of TAE Technologies and Google-backed Trump Media. Then came the news that ByteDance's Chinese owner of TikTok, ByteDance had signed agreements giving control of U.S. Operations to a group investors, including Oracle. Brent crude futures fell by almost 3% to $59 on Tuesday, the lowest price since early 2021. This was due to growing optimism about a possible peace agreement in Ukraine. The prices briefly recovered after President Donald Trump announced on Wednesday, in a post to his Truth Social platform, that he ordered a ban on all sanctioned oil tanks entering and exiting Venezuela. Crude prices fell again on Friday morning. The real driver of oil prices is unlikely to be geopolitical. It will likely be a surge in global supply, both at sea and on land. BP shocked the energy industry by announcing that Meg O'Neill will replace the current CEO Murray Auchincloss. She is the first non-industry chief executive of the company. The British oil company, which has a $90 billion debt, now has three options for its future: buy or build. Asia's crude oil, coal, and liquefied gas imports are expected to decrease this year, despite President Trump’s attempts to increase shipments in his trade strategy. Japan's fossil fuel electricity production has fallen to its lowest level in over a decade by 2025. This is largely due to a continuing recovery in nuclear energy output. Open Interest has more news on commodities. Find out which commodity is currently the star of the London Metals Exchange (hint: it's definitely not copper!) and what agricultural trends to look out for in the coming year. Morning Bid is on break for the next 2 weeks. We'll return in January. Check out the reading, listening, and watching suggestions from the ROI team. Please contact me via This weekend we are reading... MIKE DOLAN is Editor-at-Large for ROI Financial Markets: David Graeber and David Wengrow's The Dawn of Everything, The New History of Humanity challenges many of our beliefs about the origins of civilisation, including the development of cities, farming and democracy. It's a great book to read during the holidays. RON BOUSSO is a ROI Energy columnist. I recommend Andrew Ross Sorkin’s latest book 1929: The Inside 'Story of the Worst Crash in Wall Street History. This is a thrilling and brilliantly written account of the historical crash and its cause. This story is eerily similar to what's happening in the markets today. 1. GAVIN MAGUIRE is a Global Energy Transition Columnist for the ROI. The book "How Big Things Get Done" by Professors Bent Flyvbjerg & Dan Gardner is an interesting study that shows how many megaprojects fail because of poor planning and not execution. This book is a few decades old, but it's still packed with useful information for anyone who wants to know more about?big projects. Andy Home, Columnist for ROI Metals: The War Below, by Ernest Scheyder (my colleague), is an excellent primer that explains what metals are "critical" to the West and why they lost to China in the race for their development. Ernie delves into the environmental conflict between those who believe that critical minerals are a crucial?route to reducing carbon emissions and those who oppose the mines required to produce them. JAMIE MCGEEVER: ROI Markets columnist. TS Lombard's Dario Perkins, and Freya beamish, two economists who are always worth listening to, give their views on 2026. They also discuss who they think will succeed Federal Reserve Chair Jerome Powell. Subscribe to the Morning Bid podcast video if your New Year resolution is to become more productive. Mike Dolan, along with other journalists, will give you a daily update on the most important stories that are moving the markets. Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of their authors. News does not endorse the opinions expressed. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski )

• Russia plans to build a nuclear plant on the Moon within 10 years

  Russia is planning to build a nuclear plant on the Moon 'within the next ten years to power its lunar space program and a joint Russian/Chinese research station, as major powers race to explore Earth's only natural satellite. Since 1961, when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in the space exploration field. However, in recent years, it has fallen further behind the United States, and increasingly China. Elon Musk revolutionised space vehicle launches, which were once a Russian specialty. Is that a nuclear reactor on the Moon? Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant by 2036. Roscosmos didn't say that the plant was nuclear, but said that it included the Russian state nuclear corporation Rosatom as well as the Kurchatov Institute - Russia's foremost nuclear research institute. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that the project is an important step in the creation of a permanently operating scientific lunar station, and the transition from a one-time mission to a long term lunar exploration program. Dmitry Bakanov said that Roscosmos's goal was to build a nuclear plant on the Moon and explore Venus, also known as Earth's "sister planet". The moon is located 384,400 kilometers (238,855 mi) away from our planet. It moderates earth's wobble, which helps to maintain a stable climate. It also creates tides in all the oceans. U.S. PLANS REACTOR ON MOON Russia isn't the only country with such plans. NASA announced in August its intention to place a nuclear reactor on?moon within the first quarter fiscal year 2030. "We are in a race for the moon with China. "We need energy to have a moon base," U.S. Transportation Secretary Sean Duffy stated in August when asked about plans. He also said that the United States is currently "behind" in the race to reach the moon. He said that energy is essential for life to continue?on the Moon and then to reach Mars. Nuclear weapons are prohibited in space, but nuclear energy sources can be placed there as long as certain rules are followed. Some space analysts predicted a gold rush on the Moon: NASA estimates that there is a million tonnes (or more) of Helium-3 on the moon, which is an isotope helium rare on Earth. Boeing's research shows that rare earth metals, such as scandium, yttrium, and 15 lanthanides - which are used in smartphones, computer and advanced technology - can also be found on the Moon. According to Boeing's research, the rare earth metals - used in smartphones, computers and advanced technologies - are also present on the moon. These include scandium, yttrium and 15 lanthanides.

• The US dollar's weakness and growth in GDP has led to a record-breaking price for copper of $12,300.

  The?U.S. economy grew at a robust pace, boosting demand prospects and supporting prices. Economic growth increased demand prospects, and a weaker US dollar supported prices. As of 1010 GMT on the London Metal Exchange, benchmark three-month copper was up 1.1% to $12,195 per metric tonne, after earlier hitting a record high $12,282. This week the metal gained 2.6%, December saw a 9% increase and 2025 is on track to see a 39% jump as supply restrictions lead to bullish bets. Copper also reached a record high of 96.750 yuan (13,793) per ton at the Shanghai Futures Exchange on Wednesday. John Meyer, an analyst at SP Angel, said: "It wouldn't surprise me to learn that the Chinese are purchasing physical copper on the market. They will get as much as possible while no one else is watching." The Yangshan premium The, a measure of Chinese demand for copper, has risen to $55 per tonne, its highest level since September 24. The U.S. economic growth accelerated to its highest rate in two years during the third quarter. Meanwhile, the dollar is headed for its worst performance in over two decades due to investors' bets on more rate cuts in 2019. The greenback is weakening, making metals more affordable to holders of other currencies. Copper has been flowing in large quantities to the United States over the past few months. This includes more than 50,000 tonnes from China in November. Aluminium was up 0.6% to $2,956 per ton on the LME after reaching its highest level since May 2022. Zinc grew 0.2% to $3 098, while lead increased 0.6% to $1 994.50. Tin climbed by 1% to $43,005. Nickel was up 0.6% to $15,835, and rose for the sixth consecutive day, on the expectation that Indonesia will reduce ore production next year. The LME Ring, or the open-outcry floor, will close at 1440 GMT on Wednesday before closing on Thursday and Friday to celebrate Christmas.

• Copper reaches record highs as robust US GDP data boosts prospects

  Prices of copper rose to new highs as the U.S. economy grew, boosting?demand for the metal. Supply constraints also boosted prices. As of 0723 GMT the?most active copper contract at Shanghai Futures Exchange had closed daytime trading?up 2.3% to 95,080 Yuan ($13.551.88) per kilogram, after reaching a record high earlier in session of 96.510 yuan. The benchmark three-month Copper on the London Futures Exchange increased 1.3% to $12,220.0 per ton. The price of copper reached a record-high earlier in the day, when it hit $12,282.0 per ton. The contract's annual increase has been 39% due to the U.S. Dollar weakness,?bets on further Fed rate reductions, the growing demand for AI, and the renewable energy transformation, as well as mine supply disruptions which have fuelled speculative investments in the metal. The U.S. economic growth accelerated in the third quarter. This was mainly due to a strong rebound in exports and robust consumer spending. According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs. Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase. Nickel, one of the SHFE's base metals,?extended its gains for a six-session period, climbing 4.8% to reach 126,650 Yuan per ton, and reaching a nearly nine-month high earlier. The London benchmark nickel rose 0.7% to $15,845/t after hitting a seven-month peak of $15,980/t. Aluminium, zinc, and lead all increased in Shanghai. Tin remained the same. Aluminium was up 0.9%, zinc was 1% higher, lead was 0.8% higher and tin was also 1.2% higher.

• Russia plans to build a nuclear plant on the Moon within 10 years

  In the next decade, Russia will build a nuclear plant on the moon to power its 'lunar space program' and a joint Russian/Chinese research facility as the world's major powers race to explore Earth’s only natural satellite. Since 1961 when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in space exploration. However, in recent years it has fallen further behind the United States - and increasingly China. Elon Musk revolutionised launch vehicles, which were once a Russian specialty. Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant with Lavochkin Association. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that "the?project represents an important step in the creation of a permanently functional scientific lunar station, and the transition from?one-time missions to?a long-term program for lunar exploration." Roscosmos didn't say that the plant would be nuclear, but said that participants included Russian nuclear state corporation Rosatom as well as the Kurchatov Institute - Russia's foremost?nuclear?research institute. Dmitry Bakanov is the head of Roscosmos. He said in June that the corporation has as one of its goals to build a nuclear plant on the Moon and to explore Venus. Venus is known as the "sister planet" of Earth. The moon, located 384,400 kilometers (238,855 mi) away from our planet, helps to stabilize the climate by reducing its wobble. The moon also affects the tides of oceans around the world. (Reporting by Guy Faulconbridge;Editing by Elaine Hardcastle)

• Oil stable after five-day rally due to US data and geopolitical tension

  The oil prices were stable on Wednesday after they had risen in the five previous sessions. This was due to the robust economic growth of the United States and the threat of disruptions in supply from Venezuela and Russia. Brent crude futures fell 1 cent, to $62.37 per barrel at 0326 GMT. U.S. West Texas intermediate crude rose 1 cent, to $58.39. The two contracts have increased by about 6% each since the 16th of December, when they plummeted to levels not far from five-year lows. "What 'we've seen in the past week was a combination position squaring on thin markets after last 'week's breakdown did not gain traction. This is coupled with heightened tensions geopolitical, such as the US blockade of Venezuela, and supported by the robust GDP data last 'night," IG analyst Tony Sycamore stated. U.S. data revealed that the world's biggest economy grew in the third quarter at its fastest rate in two years, driven by robust consumer spending as well as a sharp rebound in exports. In that context, it was easy to ignore the API inventory build this morning. It will likely encourage sellers to get in if the rally moves up towards $60.00 in future sessions," Sycamore said. Market sources cited American Petroleum Institute figures on Tuesday to say that U.S. crude stocks rose by 2,39 million barrels in the past week. Gasoline inventories increased by 1,09 million barrels while distillate inventories increased by 685,000. Due to the Christmas holidays, U.S. Energy Information Administration will release official inventory data Monday. Haitong Futures reported that the disruptions to Venezuelan oil exports were the main factor driving up the price of crude. Meanwhile, Russia and Ukraine continuing their attacks on each other's infrastructure has also boosted the market. After the U.S. The U.S. seized the supertanker Skipper in early February and two more vessels were targeted at the weekend. Last week, U.S. president Donald Trump announced "a blockade" on all vessels that enter or leave Venezuela under sanctions in an effort to increase pressure on Venezuelan president Nicolas Maduro. Oil prices will still suffer a loss for the next quarter, as forecasts of a surplus weigh down on them.

• Copper nears record levels as US GDP grows, boosting demand.

  Prices of copper remained close to their previous highs as the U.S. economic growth?boosted prospects for demand, while ongoing supply constraints?also?boosted prices. As of 0302 GMT the most active contract for copper on Shanghai Futures Exchange was up 1.5% to 95,100 Yuan ($13.532.0) per metric tonne, after reaching a session high of 95.550 yuan. The benchmark copper three-month contract on the London Futures Exchange increased 0.1% to $12,076.5 per ton. The metal reached a record-high of $12,159.50 on Tuesday. It is expected to rise 38% annually due to the U.S. Dollar's weakness, the growing demand for AI, the renewable energy shift, and mine supply disruptions. The U.S. economic growth accelerated in the third quarter to its highest rate in two years, thanks to robust consumer spending as well as a sharp recovery in exports. According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs. Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase. Nickel, another SHFE base metal, extended its gains for the sixth consecutive session. It rose 4% to reach 126,680 Yuan per ton, and reached a nearly nine-month high. The London benchmark nickel rose 1% to $15,970 per ton. This is a new seven-month record. Aluminium, zinc, and lead all increased in Shanghai. Tin, however, fell 1.2%. Aluminium, zinc, and lead all saw increases of 0.8%. Tin, however, fell 0.2%. DATA/EVENTS (GMT) Japan Leading Indicator Revised October 1330 US Initial Clm of Jobless 20 Dec.

• Supply risks and strong US economic growth are driving oil prices higher

  The oil prices rose modestly on Wednesday. They extended gains from the previous session. This was due to the robust U.S. economy and the threat of "supply disruptions" from Venezuela and Russia. Brent crude futures rose 4 cents or 0.06% to $62.42 per barrel at 0117 GMT. U.S. West Texas Intermediate crude gained 3 cents or 0.05% to $58.41. Brent oil prices rose by over 2% Monday. WTI also climbed the highest since November 14. Prices rose by more than 0.5% again on Tuesday. In its first estimate of the third-quarter GDP, Commerce Department's Bureau of Economic Analysis stated that consumer spending was driving faster growth than expected. It said that the gross domestic product grew at the fastest rate since the third quarter 2023 (a 4.3% annualized increase). The robust U.S. GDP print last night was a major factor in the overnight gains. "Q3 GDP was printed against a backdrop escalating global tensions," IG's Tony Sycamore wrote in a note. Haitong Futures stated in a recent report that disruptions to Venezuelan exports have been the main factor for market sentiment. Russia and Ukraine continuing attacks on each others' energy infrastructure has also supported prices. Analysts say that the market has overlooked the oil inventory data for the largest consumer of oil in the world due to other factors. Market sources cited American Petroleum Institute data on Tuesday to report that U.S. crude oil inventories increased by 2.39 millions barrels in the past week. Gasoline stocks also rose by 1.09 million barrels. Distillate inventories also rose by 685,000, according to market sources. Due to the holiday, U.S. Energy Information Administration will release their data on Monday. Haitong Futures stated in its report that the market's reaction to this build in inventory was limited due to the temporary spike in refined oil demand in December. The U.S. president Donald Trump announced earlier this month that all oil tankers subject to sanctions would be blocked from entering or leaving Venezuela. This has caused vessel owners to be on high alert. TankerTrackers.com, a monitoring service, reported on Tuesday that the Panama-flagged, very large crude carrier Kelly has returned to Venezuelan waters after U.S. interceptions. After the U.S. targeted two more vessels over the weekend, and seized the supertanker Skipper this month, there are now 12 loaded vessels in Venezuela awaiting new instructions from their owners. (Reporting from Sam Li in Beijing, Siyi Liu and Muralikumar Anantharaman in Singapore)