Crude Oil Market Agitated: Venezuela Shuts Wells, Prices Rise Amid Tensions

• Crude oil prices, including WTI, are rising, with WTI nearing $58 per barrel amidst geopolitical tensions.
• Venezuela has begun shutting down oil wells in its largest reserve region due to US sanctions, while the US warned Iran against restarting its nuclear program.
• Despite current price hikes, crude oil remains on a year-on-year downward trend, with concerns of global production exceeding demand.
• OPEC+ increased production, leading to a 15% rise in oil stock on tankers and significant increases in crude, gasoline, and diesel reserves.
• Analysts predict continued pressure on the oil market until 2026 due to oversupply, rising stocks, and limited demand, with India heavily reliant on imports.

Why It Matters: Crude oil faces a volatile future with rising prices, geopolitical risks, and looming oversupply concerns.