Oil Prices Steady Ahead of Key U.S. Fuel Data
Oil Prices Steady After Two-Day Slide Amid Supply Pressures
Oil prices were largely steady in Thursday trading after falling over the previous two sessions, as markets focused on U.S. fuel inventory data and developments in global crude supply, particularly those linked to Venezuela. Investors continued to reassess supply-and-demand dynamics amid persistent concerns over excess availability.
Global Oil Market Performance
Brent crude futures edged slightly higher to near $60.3 a barrel, while U.S. West Texas Intermediate rose above $56 a barrel. The modest rebound followed losses of more than 1% in Wednesday’s session, according to brecorder.com.
Oversupply Concerns Weigh on Outlook
Price movements come as expectations grow that global supply will remain abundant. Estimates point to a potential surplus of nearly three million barrels per day in the first half of 2026, reinforcing investor caution and limiting the scope for stronger price gains, according to energy market reports.
Impact of U.S. Inventory Data
Recent data showed U.S. crude oil inventories falling more than expected, offering limited support to prices. However, a sharp rise in gasoline and distillate stocks outweighed that effect, signaling relatively softer demand and adding further pressure to the market.
Venezuela-Related Developments
Markets are also closely watching developments tied to Venezuela, after reports indicated that the United States could receive between 30 million and 50 million barrels of Venezuelan crude, a move that could increase global supply.
Separate reports also cited arrangements to export up to $2 billion worth of Venezuelan crude to the U.S., potentially redirecting shipments originally destined for other markets, according to Oil Price.
