Oil prices slipped on Tuesday as traders waited to see if Venezuela might bring more oil back onto the global market. The possibility of higher supply is adding to worries that there could be too much oil this year, especially with demand still looking weak.
Brent crude fell slightly, down 0.2% to $61.62 a barrel, while U.S. West Texas Intermediate (WTI) dropped 0.3% to $58.15 a barrel.
The drop comes as expectations grow that the U.S. embargo on Venezuelan oil could be eased or even lifted. Recent political developments in Venezuela have raised hopes that the country could restart and expand its oil exports.
If that happens, more Venezuelan crude would enter global markets—adding extra supply at a time when traders are already worried that demand may not be strong enough to absorb it.
