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Oil Steadies as Traders Weigh US Moves on Venezuela, Oversupply
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October 31, 2025
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6:40Now PlayingOil steadied to end the week, with OPEC+ expected to focus on another modest output increase when key members convene this weekend and as US President Donald Trump denied that he was planning a military strike on Venezuela. West Texas Intermediate climbed about 0.7% to settle at $60.98, little changed from the previous week. A third monthly output increase of 137,000 barrels a day would be the base case for Sunday talks among the Organization of the Petroleum Exporting Countries and its allies, delegates said earlier this week, matching market expectations. Oil prices were up earlier in the session on reports that the US plans to perform military strikes on targets in Venezuela that include military facilities used to smuggle drugs, according to the Wall Street Journal and the Miami Herald, citing US officials and people familiar with the matter. Trump later denied the report, and contradicted his own past statements that he was preparing land attacks after a series of boat strikes, causing futures to ease. Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec.
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