Crude Oil Futures Plunge Over 2% Amid Global Weakness, Venezuela Supply Boost

• Crude oil futures for January delivery on MCX fell by Rs 110 (2.11%) to Rs 5,100 per barrel.
• Global crude prices declined due to weak trends and easing supply concerns, reaching a three-week low.
• Geopolitical developments in Venezuela, including US intervention, are strengthening US energy security and weakening OPEC+'s pricing power.
• President Donald Trump announced Venezuela would release 30-50 million barrels of oil to the US, further easing supply fears.
• WTI crude dropped to USD 56.61 per barrel, and Brent crude to USD 60.34 per barrel in New York.

Why It Matters: Crude oil prices plummeted over 2% on weak global cues and increased supply prospects from Venezuela.