Brent crude futures were down 25 cents, or 0.4%, to $61.51 a barrel
Oil prices dip as investors weigh supply outlook, Venezuelan uncertainties
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Oil prices fell slightly on Tuesday as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude supplies after the U.S. capture of Nicolas Maduro, the South American country's leader.
Brent crude futures were down 25 cents, or 0.4%, to $61.51 a barrel by 11:54 a.m. EST (1654 GMT), while U.S. West Texas Intermediate crude fell 32 cents, or 0.6%, to $58 a barrel.
"It is premature to evaluate the impact of Nicolas Maduro's capture on the oil balance. What seems obvious, nonetheless, is that oil supply will be sufficient in 2026, with or without an increase in production from the OPEC member," said Tamas Varga, an analyst at PVM Oil.
Market participants polled by Reuters in December said they expected oil prices to be under pressure in 2026 because of rising supply and weak demand.
Furthermore, U.S. crude and product stockpiles were expected to have risen last week, a preliminary Reuters poll showed on Monday.
The American Petroleum Institute will publish its weekly U.S. inventory estimates after 4:30 p.m. EST on Tuesday, followed by official U.S. government statistics due at 10:30 a.m. EST on Wednesday.
