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Commodity News Details
Crude prices ease despite Venezuela turmoil, glut weighs
05-Jan-2026 13:17
Oil prices slipped below $57 per barrel as markets assessed the fallout from the capture of Venezuelan President Nicol's Maduro by US forces and its potential impact on global crude supply. Despite Venezuela holding the world's largest proven oil reserves, investors remained cautious, noting that the OPEC producer accounts for only a small share of global output and the market is already dealing with a growing supply glut. Brent traded near $60 a barrel after volatile moves, while West Texas Intermediate hovered around $56. Reflecting the global weakness, MCX January crude oil futures traded near ₹5140 per barrel, down ₹12, as supply concerns were overshadowed by broader oversupply pressures.

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