On the downside, support is the new swing bottom at $56.31.
At 11:49 GMT, Light Crude Oil Futures are trading $58.58, up $0.26 or +0.45%.
Maduro Capture Sparks Delayed Safe-Haven Bid in Energy Markets
Oil prices are firming today as traders continue to assess the events from over the weekend that saw the U.S. use military force to capture Venezuelan President Nicolás Maduro. With plenty of global supply, traders aren’t worried about a shortage yet, however, there are still concerns surrounding Venezuelan output.
Traditionally, any worries over a supply disruption produce spikes to the upside. What we could be seeing today is a delayed reaction to the news. And the position of the market, just under the 50-day moving average, could lead to an upside breakout. Nonetheless, traders don’t expect any price surge to last.
Analysts Expect Ample 2026 Supply Despite Geopolitical Uncertainty
“It is premature to evaluate the impact of Nicolás 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 PVM Oil analyst Tamas Varga.
Uncertainty goes both ways, so it could just be the lack of sellers allowing buyers to push the market higher and probe for buy stops above the 50-day moving average. Additionally, short-term volatility can be expected because of the surprise event. However, over the long run, prices are expected to remain under pressure in 2026 due to growing supply and weak demand.