Oil falls on prospect of higher Venezuelan output, ample supply outlook

Oil prices fell on Tuesday as traders weighed the prospect of higher Venezuelan crude output following the US capture of President Nicolas Maduro, adding to expectations of ample global supply this year amid weak demand. Brent crude futures fell 0.2% to $61.62 a barrel by 0103 GMT while US West Texas Intermediate crude was at $58.15 a barrel, down 0.3%. “I think if the Trump playbook even partially comes to pass, Venezuelan crude oil production should increase… Should it increase, there will be more pressure on an already over supplied market,” said Marex analyst Ed Meir. Market participants polled by Reuters in December already expected oil prices to be under pressure in 2026 due to growing supply and weak demand.