Crude Oil Surges 2% Amid Venezuela Tensions; Global Glut Looms

• Crude oil prices surged nearly 2% to around $62, marking the biggest weekly gain, driven by geopolitical tensions in Venezuela.
• Market focus intensified after reports of the US military apprehending Venezuela's president, though a global glut continues to concern traders.
• West Texas Intermediate (WTI) traded near $58 a barrel, with oil company shares rising on hopes for Venezuela's energy sector revival.
• Despite the surge, Venezuela's small global output share means any disruption might not sustain price impacts, as a broader market surplus persists.
• Hedge funds placed bullish bets on crude anticipating political changes in Venezuela, while US Energy Secretary Chris Wright plans talks on restarting its energy sector.

Why It Matters: Venezuela tensions fuel crude oil surge, but global surplus may limit long-term impact.