LONDON, Dec 5: IPE Brent crude oil futures resumed their upward move by Thursday afternoon as a fourth day of opposition strikes in Venezuela hit exports, dealers said.

By 1527 GMT, January Brent crude futures were 40 cents higher at $25.58 a barrel, having just faded from a post-US open high of $25.65 a barrel. Volume on the front month was fairly meagre at just 13,500 lots.

Around midday the market had fallen back but news that Venezuelan exports were in danger stoked buying before the market tested support at $25.

January NYMEX crude oil futures also recouped out-of-hours gains to trade up 29 cents at $27 a barrel, while heating oil futures were given a boost by below-normal temperatures in the US Northeast, a key consuming region.

IPE gas oil was up 25 cents a ton at $222.75.

Venezuela’s oil exports were disrupted on Thursday and key refining and production operations were threatened as a strike against President Huge Chavez moved into its fourth day in the world’s fifth largest oil exporter.

The key ports of Puerto la Cruz and Amuay-Cardon were said to have stopped loading while several captains with state oil firm PDVSA joined the strike, which was already supported by a number of the company’s while collar employees.

Brent slumped on Wednesday after US Deputy Defence Secretary Paul Wolfowitz said Iraq’s arms declaration, expected to be released on Saturday, one day ahead of the deadline, would not automatically trigger military action.—Reuters