Oil prices declined on Friday as expectations of additional supply weighed on markets, offsetting support from ongoing geopolitical risks.
International benchmark Brent crude stood at $62.42 per barrel at 10.10 a.m. local time (0710 GMT), down 0.4% from the previous close of $62.67.
US benchmark West Texas Intermediate (WTI) fell 0.3% to $58.27 per barrel, compared with $58.47 in the prior session.
Market sentiment was shaped by developments related to Venezuela, as the US Senate advanced legislation aimed at preventing President Donald Trump from using military force in the country. The bill is expected to be brought to the Senate floor for a final vote next week.
In an interview with Fox News, Trump said he plans to meet oil company executives at the White House, arguing that US firms would rebuild Venezuela’s oil infrastructure. He said companies would invest at least $100 billion, adding that Venezuela holds “incredible” volumes of exceptionally high-quality oil.
Analysts say US involvement could lift Venezuela’s production capacity over the long term, but warn that political instability, years of underinvestment and aging infrastructure are likely to delay any meaningful recovery.
White House spokesperson Karoline Leavitt said Energy Secretary Chris Wright is holding a follow-up meeting with oil executives on Friday, underscoring growing engagement between Washington and the energy industry over Venezuela’s oil sector.
Expectations that Venezuelan barrels could gradually return to global markets have reinforced oversupply concerns, keeping downward pressure on prices.
- Mixed US inventory data keep oil prices under pressure
On the supply side, data from the US Energy Information Administration showed that commercial crude inventories fell by about 3.8 million barrels last week to 419.1 million barrels.
Strategic petroleum reserves, which are excluded from commercial inventories, rose by 200,000 barrels to 413.5 million barrels. Gasoline inventories climbed sharply, increasing by around 7.7 million barrels to 242 million barrels.
While the data point to a modest tightening on the supply side, elevated stock levels and a softening demand outlook continue to limit expectations of any major disruption to global supply.
Global oil markets remain volatile amid shifting expectations around US labor market conditions and geopolitical developments, with investors now focused on US nonfarm payrolls data due later in the day for further direction.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
