Key Moments
- Brent March futures fell 1.5% to $69.66, while WTI dropped 1.6% to $64.36 by 21:43 ET (02:43 GMT).
- Meanwhile, the Trump administration eased some limits on transactions involving Venezuela’s PDVSA, allowing U.S. entities to sell and transport its oil.
- Despite Friday’s pullback, crude prices remained on track for weekly gains of 12% to 16%, driven by geopolitical tensions and weather-related supply risks.
Market Overview
Oil futures retreated in Asian trading on Friday. The move followed a decision by the Trump administration to relax certain sanctions on Venezuela’s energy sector.
As a result, the policy shift could unlock part of the country’s crude exports. Meanwhile, traders monitored the risk of U.S. military action against Iran.
At the same time, markets positioned ahead of a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
Price Action in Brent and WTI
By 21:43 ET (02:43 GMT), Brent crude for March delivery traded down 1.5% at $69.66 per barrel. Meanwhile, West Texas Intermediate (WTI) fell 1.6% to $64.36.
Even so, both benchmarks remained on track for strong weekly gains. Prices had climbed close to six-month highs earlier in the week.
Support came from rising geopolitical risks in the Middle East. In addition, a severe snowstorm in the United States raised supply concerns. A major production outage in Kazakhstan also helped support prices.
| Contract | Price | Change | Time |
|---|---|---|---|
| Brent (March) | $69.66 | -1.5% | 21:43 ET (02:43 GMT) |
| WTI | $64.36 | -1.6% | 21:43 ET (02:43 GMT) |
U.S. Loosens Venezuela Oil Sanctions
On Thursday, the Trump administration lifted some restrictions on transactions involving Petróleos de Venezuela, S.A. (PDVSA), the country’s state-owned oil company.
As a result, U.S. entities can now sell and transport Venezuelan crude. The move aims to boost confidence among American firms considering investments in the country.
However, the administration stopped short of removing sanctions on Venezuela’s oil production itself.
Earlier speculation suggested output could rise quickly once sanctions eased. However, analysts expect any increase to be gradual.
They point to damaged infrastructure and political uncertainty following Washington’s takeover of the sector and the removal of President Nicolas Maduro.
OPEC+ Meeting in Focus
Meanwhile, attention has turned to the OPEC+ meeting scheduled for Sunday. Reports suggest the group will keep its output policy unchanged.
Previously, OPEC+ raised production by about 2.9 million barrels per day through 2025. That decision weighed heavily on crude prices.
As demand concerns grew, the alliance paused its monthly output increases in January. For now, it remains cautious about adding more supply.
In a market report released earlier this month, OPEC+ said oil demand should strengthen in 2026 and 2027. The group also downplayed fears of a lasting supply glut.
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