Oil prices fell on Tuesday, January 6, and the reaction itself turned out to be "unexpectedly restrained" against the backdrop of the US military operation in Venezuela and constant strikes on russia's energy infrastructure.
This is reported by Economic Pravda with reference to Reuters.
The report said that Brent futures fell by 0.2%, or 14 cents, to USD 61.62 per barrel, while WTI traded at USD 58.13 per barrel, which is 0.3% (19 cents) lower.
Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, said that oil prices have been unexpectedly muted in response to major geopolitical events, including the US military operation in Venezuela and ongoing attacks on russian energy infrastructure, suggesting that supply and demand fundamentals remain the main drivers.
"From a supply perspective, the oil market is oversupplied with barrels. According to the latest data from the International Energy Agency (IEA) and the US Energy Information Administration (EIA), global crude oil supply continues to outpace consumption growth, pushing up inventories and putting pressure on prices," she said.
Market participants surveyed by Reuters in December said they expected oil prices to remain under pressure in 2026 due to rising supply and weak demand.
It is noted that additional pressure on prices may increase due to the capture of the Venezuelan leader by the US on Saturday, which increases the likelihood of the lifting of the US oil embargo against the country and, accordingly, an increase in production.
On Monday, Venezuelan President Maduro declared in a New York court that he would not plead guilty to charges of drug trafficking against him.
As Reuters was told by an informed source, the administration of US President Donald Trump plans to meet with the heads of US oil companies this week to discuss increasing Venezuelan oil production.
As Ukrainian News Agency earlier reported, on Tuesday, December 30, oil prices were almost unchanged amid investors' expectations for clarifications on peace talks with Ukraine to assess potential supply disruptions.
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