There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

The commodity complex has been explosive the last few years, leading long-term investors to wonder if crude oil is the next big opportunity.

Keep in mind that this is a very negative market, and there are a lot of things out there working against crude oil.

Oil futures gained, focusing on stepped-up U.S. actions to enforce a blockade of oil tankers in and out of Venezuela.

January WTI crude oil (CLF26 ) on Wednesday closed up +0.67 (+1.21%), and January RBOB gasoline (RBF26 ) closed up +0.0134 (+0.80%). Crude oil and gasoline prices rose on Wednesday amid heightened geopolitical risks in Venezuela and Russia.

Crude oil futures stall at the 50-day average as U.S. growth, Venezuela tensions, and rising inventories shape the short-term outlook for traders.

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Christof Ruehl, Global Advisor at Crystol Energy, believes OPEC can tolerate oil prices in the mid-$50s and that any decision to cut output would be driven by politics rather than price levels.

Brent crude oil futures fell in the first half of last week but recouped some of its losses in the latter half. But this has not removed the bearishness. The chart shows that the bears still have momentum and the likelihood for a decline is high.

U.S. crude oil inventories fell by 1.8 million barrels last week and were about 4% below the five-year average for the time of year, the EIA said.

Crude oil futures fell for the third straight session, with the market watching for progress in Russia-Ukraine peace efforts and concerned about global oversupply.

Crude oil prices had gone nowhere fast and remained in a trading range around the $60 per barrel pivot point on the nearby NYMEX WTI contract. While the 2025 trend is bearish, the price only marginally eclipsed the critical technical support level at the April 2025 low in December.