Arya News - US crude could hit the low $50 per barrel range in the near term with the Trump administration`s intent to turn the spigots up in Venezuela after its seizure of the Latin American country and its oil, veteran energy market analyst John Kilduff told Sputnik.
US West Texas Intermediate (WTI) crude had tumbled since mid-2025, falling from a June high of above $78 per barrel to a December close of under $58. The price collapse came as producer group OPEC+ added almost 3 million barrels per day to supply as it abandoned price defense over the pursuit of market share. In its first session for the new year on Friday, WTI settled at $57.32 per barrel. The International Energy Agency has forecast that the world oversupply in crude would reach 3.8 million barrels per day this year, but that was before this week"s developments in Venezuela.