Biography Flash: Venezuela Strike Fears Push Oil to $61 as Global Tanker Glut Hits Record 1.4 Billion Barrels
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Biography Flash: Venezuela Strike Fears Push Oil to $61 as Global Tanker Glut Hits Record 1.4 Billion Barrels
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Here’s your Daily Crude Oil Price Tracker update with Vanessa Clark for Sunday, November 2, 2025, and it has been a turbulent few days for the crude oil markets with major headlines keeping traders on their toes. West Texas Intermediate crude oil ended October at 60.98 dollars a barrel, up 0.68 percent from the day before, according to Trading Economics. Brent closed at 64.77 dollars per barrel, rising 0.62 percent on the same day. Both benchmarks are coming off the third straight month of losses, with WTI down more than 12 percent and Brent down over 11 percent year on year.
Much of the latest price action has been driven by geopolitical flashpoints and big shifts in supply. The hottest headline came Friday when WTI crude briefly shot up to 60.5 dollars as concerns swirled about military escalation in Venezuela. Reports from Trading Economics suggest the Trump administration is preparing to launch strikes on military targets in Venezuela, possibly as soon as this weekend. That news, along with recent US sanctions on Russian oil firms Rosneft and Lukoil, sparked fresh near-term supply fears and fed some nervous buying, although big questions remain as output from the US and North Sea keeps climbing.
Meanwhile, OPEC Plus is expected to confirm an output increase of 137,000 barrels per day for December, aiming to claw back market share in a persistently oversupplied market. News from the CME Group pegs the latest closing price for WTI December futures at 60.88 dollars, up slightly, with brisk trading volumes reported. On the business side, the growing glut is underscored by a record 1.4 billion barrels of oil sitting at sea on tankers, certainly a detail that will weigh on market sentiment and long-term price expectations.
On the social media front, oil traders and analysts are buzzing about the tug-of-war between geopolitical shocks and the stubborn rise in global inventories. X, formerly Twitter, lit up Friday night with speculation about potential US action in Venezuela and what that means for regional production. So far, companies with exposure to Venezuelan operations have held back on public comment, with the market awaiting official confirmation of military activity.
Looking ahead, analysts at Trading Economics predict crude to rise slightly to 62 dollars by the end of the quarter, but any major escalation in Venezuela or surprise action from OPEC Plus could jolt prices.
That’s today’s top developments for crude oil, mixing a volatile blend of politics, production, and price movement. Thank you for tuning in to Daily Crude Oil Price Tracker. Don’t forget to subscribe so you never miss an update on the latest crude oil moves and search “Biography Flash” for more great biographies.
And that is it for today. Make sure you hit the subscribe button and never miss an update on Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price.. Thanks for listening. This has been a Quiet Please production."
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