Oil Advances Nearly 2% as Venezuela Turmoil Rekindles Supply Jitters

Oil futures advanced nearly 2% on Thursday as traders reacted to mounting political and supply uncertainty in Venezuela, adding fresh volatility to an already unsettled energy market. International benchmark Oil – Brent Crude climbed to $61.17 in early U.S. trading, while U.S. benchmark Oil – US Crude (WTI) rose to $57.05. The move higher follows recent pressure from shifting supply expectations, U.S. inventory draws, and broader geopolitical risk, with Venezuela’s situation now a focal point for traders gauging potential disruptions to global crude flows and OPEC+ dynamics.

Despite today’s rebound, both benchmarks remain lower over the past month, underscoring the fragile nature of the latest gains. Oil – US Crude is down about 4.14% over the last 30 days, and its 1-day technical reading currently points to a Sell signal, suggesting short-term momentum remains cautious even as prices bounce. Oil – Brent Crude has fallen roughly 3.44% over the same period, with its near-term technical picture also indicating a Sell bias. The combination of negative 1-month performance and bearish technical setups, set against renewed geopolitical risk, highlights the potential for further price swings as investors reassess supply projections and risk premia. Investors can explore more updates, prices, and analysis across global markets at Commodities.