[MARKET ANALYSIS] Oil prices remain firmer following yesterday's notable recovery despite expectations for a future ramp up in Venezuelan oil production

WTI/Brent: WTI Feb'26 +0.5% / Brent Mar'26 +0.5%

• Oil prices are firmer after rallying yesterday, despite little catalysts behind the strong rebound and with newsflow pertaining to the return of Venezuelan crude, with US Energy Secretary Wright anticipating that Venezuela's oil production could be up 50% in the next 18 months. Nonetheless, there was some support seen following US President Trump's warning against Iran, in which he threatened to hit Iran hard if they kill rioters.

Gold: -0.3%

• Marginally softened after yesterday's choppy, but ultimately positive trajectory, with participants now awaiting the key US jobs data.

Copper: -0.5%

• Remained lacklustre after suffering a two-day decline and with prices constrained amid mixed Chinese inflation data and pre-NFP cautiousness.

Oil prices are continuing to show strength following a rebound, even as expectations rise for increased production from Venezuela. This suggests a robust demand backdrop, potentially countering concerns about oversupply as geopolitical tensions—like Trump's warning towards Iran—help support the market. Overall, the trajectory in oil indicates market resilience, even with looming supply increases on the horizon.