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This is your Daily Crude Oil Price Tracker with Vanessa Clark podcast.
You are listening to the Daily Crude Oil Price Tracker with Vanessa Clark. I am Vanessa, and today we are digging into what is going on with crude oil prices, why they are moving, and what it could mean for you if you follow energy markets, gas prices, or trade oil.
Let us start with the latest crude oil price. According to Trading Economics, West Texas Intermediate crude oil is trading right around 57 dollars per barrel, up just under one percent from the previous session. Brent crude, the other major benchmark, is hovering close to 61 dollars per barrel, as reported by recent daily oil price updates. So crude oil today is still relatively cheap compared with earlier this year, and well below levels we saw in past spikes.
So what is driving today’s crude oil price. A big short term story is rising tension between the United States and Venezuela. Trading Economics reports that futures rose more than one percent as the United States stepped up a blockade on Venezuelan oil exports, boarding and seizing tankers and tracking more ships near Venezuelan waters. Oilprice and other outlets also note that these tanker seizures have added a small geopolitical premium, nudging both Brent and WTI higher.
But here is the key point. Even with those tensions, prices are still stuck near multi year lows. Several energy analysts, including the United States Energy Information Administration in its recent outlook, say the world simply has a lot of oil. The agency just revised OPEC effective production capacity higher, meaning OPEC can bring more barrels online quickly than traders previously assumed. That bigger supply cushion makes the market less sensitive to shocks.
On top of that, there are ongoing worries about weak demand. Recent commentary from market analysts highlights slowing consumption in big economies like China and the United States, plus the gradual impact of efficiency and electric vehicles. Put together, we have an oil market where oversupply and soft demand are capping crude oil prices, even when headlines sound dramatic.
So how can you use this information. If you are an investor or trader, watch three things. First, the daily crude oil price levels for WTI and Brent. Second, headlines around Venezuela, Russia, and OPEC plus meetings, because any real disruption to physical supply could move prices fast. Third, demand data and economic indicators, like manufacturing and airline travel, which tell you whether consumption is growing or cooling.
If you are just trying to understand gas prices, remember that moves in crude oil prices often take days or weeks to filter through to the pump. Sustained periods of lower crude, like we are seeing now, tend to ease pressure on gasoline and diesel, although taxes, refining issues, and local factors also matter.
That is it for today’s Daily Crude Oil Price Tracker with Vanessa Clark. Thanks for hanging out with me and staying on top of the latest crude oil news and prices. If you found this helpful, make sure you subscribe, share this with a friend who watches oil or gas prices, and tune in next time for your next daily crude oil price update.
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