Overview
- Brent hovered near $60.02 a barrel and WTI around $56.05 after two straight sessions of declines.
- U.S. Energy Information Administration data showed gasoline and distillate stocks rose more than analysts expected for the week ended Jan. 2.
- Washington announced an agreement with Caracas to access up to $2 billion of Venezuelan crude, with initial volumes potentially diverted from cargoes previously headed to China, according to Reuters sources.
- U.S. authorities seized two Venezuela-linked tankers in the Atlantic, including one sailing under a Russian flag, in a move described as part of President Donald Trump’s push to control regional oil flows.
- Morgan Stanley projected a possible surplus of up to 3 million barrels per day in the first half of 2026, as Chinese independent refiners may switch to Iranian crude if Venezuelan barrels are redirected.