Oil prices rose after a reduction in US inventories and events in Venezuela. Brent futures rose to $60.34, WTI to $56.36.
Oil prices rose slightly on Thursday, recovering after two days of declines, as a larger-than-expected cut in US crude oil inventories gave investors reason to buy futures, while the market monitors developments in Venezuela. This is reported by Reuters, writes UNN.
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Brent crude futures rose 38 cents, or 0.6%, to $60.34 a barrel as of 01:04 GMT. US West Texas Intermediate (WTI) crude rose 37 cents, or 0.7%, to $56.36 a barrel.
Both benchmark grades fell by more than 1% on Wednesday for the second consecutive day, as market participants expect significant global oil supply this year. In particular, Morgan Stanley analysts estimate a surplus of up to 3 million barrels per day in the first half of 2026.
This decline prompted some traders to take advantage of the moment to buy futures on Thursday, said Fujitomi Securities analyst Mitsuru Muraishi.
"Buying on dips pushed prices up somewhat, but persistent oversupply concerns are limiting further gains. Although markets are watching developments in Venezuela, the downward trend is likely to continue," he said, predicting that the price of WTI could fall below $54 a barrel.
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According to the US Energy Information Administration (EIA), the country's crude oil inventories fell by 3.8 million barrels to 419.1 million barrels in the week ending January 2. Analysts polled by Reuters expected inventories to rise by 447,000 barrels.
On Wednesday, senior US officials said the United States should indefinitely control Venezuelan oil sales and revenues to stabilize the country's economy, restore its oil and gas sector, and ensure Venezuela acts in US interests.
Chevron is in talks with the US government to expand a key license to operate in Venezuela, which would allow it to increase crude oil exports to its own refineries and sell it to other buyers, four sources familiar with the talks said on Wednesday.
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