Oil Prices Steady After Weekly Gain, Venezuela Remains Key Focus

• Oil prices steadied after their biggest weekly gain, with focus on Venezuela's outlook amidst a global supply glut.
• West Texas Intermediate (WTI) neared $58 a barrel after a 1.7% rise, fueled by geopolitical risk following the capture of Venezuela's president.
• Despite the Venezuelan situation, a global oil surplus persists, leading Saudi Arabia to cut crude prices to Asia for a third month.
• Venezuela's small share of global output means any disruption is unlikely to have a sustained impact on overall oil prices.
• US Energy Secretary Chris Wright plans talks with oil executives to revive Venezuela's energy sector.

Why It Matters: Oil prices stabilize, but global glut and Venezuela's limited output temper long-term impact.