WTI Crude Erases Losses

2025-10-31 14:30 By Andre Joaquim 1 min. read

WTI crude oil futures inched higher to $60.5 per barrel on Friday, as concerns of military escalation in Venezuela momentarily outweighed worries of an oversupplied energy market.

The Trump administration is reportedly preparing to launch strikes on military targets within Venezuela, potentially as early as Friday.

The move added to near-term supply concerns after the Trump administration imposed sanctions on Rosneft and Lukoil, aiming to restrict the flow of discounted Russian crude to Asian markets.

Still, soaring output and tanker flow maintained the broader backdrop of ample oil availability.

OPEC+ is set to confirm an increase of 137K barrels per day in output for December to extend their efforts to recover market share.

This was aligned with soaring production levels signaled by companies with operations in the US and North Sea.

Additionally, volumes of oil in tankers at sea rose to a record high of 1.4 billion barrels this week, raising the outlook on global inventories.



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