Oil prices are rising after two days of falls. A bigger than-expected drawdown in U.S. crude inventories has amplified new developments in Venezuela.Brent crude has climbed 1.75% to $60.65 a barrel, while U.

Oil prices are set to continue their downward trend, potentially slipping as low as $50 per barrel Brent by the middle of 2026, driven by ample supply and a projected market surplus.

Oil prices dropped on Wednesday as the market reacted to United States President Donald Trump’s announcement that the US had secured a deal to import up to $2 billion in Venezuelan crude.

The global oil market is likely to be under pressure in 2026 as growing supply and weak demand curb prices, and traders monitor OPEC+ for policy signals and any attempts to bolster the market, a Reuters poll showed on Monday.

Oil and gasoline prices could rise slightly due to Venezuelan export losses and geopolitical uncertainty, though pump prices remain at COVID-19 lows.

Low- and middle-income Americans, who have been squeezed particularly hard by rising prices generally over the past year, are now paying an average of around $2.80 at the pump, the lowest level since early 2021, according to the U.S. Energy Information Administration.

EIA says Brent slid from $79 in January to $63 in December, with a $69 annual average—the lowest since 2020—as supply exceeded demand.