Brent crude rose to $60.26 per barrel on January 8, 2026, climbing about 0.50% from the previous day as traders weighed mixed market signals and developments in Venezuelan crude flows.
The international benchmark has been under pressure over the past month, with prices down roughly 2.7% in that period and more than 21% lower than at the same time last year, according to contract-for-difference data tracking Brent’s performance.
Oil markets rallied modestly on Thursday after U.S. Energy Information Administration data showed a larger-than-expected drawdown in U.S. crude inventories, with stocks falling by about 3.8 million barrels, countering earlier expectations of a build. The inventory drop lent some support to oil futures, even as gasoline and distillate stocks rose.
The price uptick followed a two-day slide during which traders digested fresh U.S. policy moves involving Venezuela. Washington has outlined plans to take long-term control over Venezuelan crude sales, beginning with the release of stored barrels and moving toward supervised sales of future output. At the same time, U.S. authorities have intensified sanctions enforcement by seizing additional Venezuela-linked oil tankers.
Markets are also watching data suggesting slower U.S. labor market conditions, which could reinforce expectations for future Federal Reserve rate cuts and support crude demand over the medium term.
Despite the recent bounce, analysts say prices remain capped by concerns about ample global supply in 2026. Some forecasts point to a potential surplus as global production outpaces demand growth, while higher Venezuelan exports under new supply arrangements could add further pressure. However, the inventory draw and geopolitical uncertainties continue to inject volatility into prices.
Brent’s return above the $60 mark reflects the tug-of-war between supply expectations and short-term demand cues, leaving markets sensitive to both geopolitics and economic data.
