Overview
- WTI traded near $56 and Brent around $60 after a two-day slide, with a modest rebound following a larger-than-expected U.S. crude stock draw.
- EIA data showed U.S. crude inventories fell by about 3.8 million barrels in the week to Jan. 2, while gasoline and distillate stocks rose sharply, reinforcing concerns about soft product demand.
- U.S. officials outlined plans to control Venezuelan oil sales and revenue and seized two Venezuela-linked tankers, as President Trump said Washington could access 30–50 million barrels of sanctioned crude.
- Banks and agencies continue to flag a sizeable 2026 surplus, with Morgan Stanley trimming price forecasts and the IEA and EIA signaling limited upside in the near term.
- SBI Research projects Brent near $50 by midyear and notes India’s import basket dipped below $60, a setup it says could ease inflation, support the rupee and slightly lift growth.