NEW YORK, Jan 9, 2026, 06:48 (EST) — Premarket
- Chevron, Exxon and ConocoPhillips moved higher in U.S. premarket trading as crude prices inched up
- Oil was little changed after Thursday’s sharp rebound, with traders watching developments tied to Venezuelan supply and the unrest in Iran
- Due later Friday, the U.S. jobs report will offer an immediate gauge of the dollar and where demand expectations stand
Oil-linked shares edged up in U.S. premarket trading on Friday, putting the crude-oil theme back on traders’ screens as geopolitical tensions rekindled demand. Chevron rose 2.6% to $159.25, Exxon Mobil climbed 3.7% to $122.91 and ConocoPhillips advanced 5.1% to $98.72; the United States Oil Fund (USO) gained about 4.1% to $70.54.
It matters right now because headlines tied to Venezuela have been whipping oil both ways — near-term supply looks tighter, but there’s also a chance of more barrels showing up later. That push-pull is bleeding into equities just as traders brace for a major U.S. data release that could rattle rates, the dollar and broader risk appetite.
A White House official said the White House is set to meet Friday with major oil companies, traders and service firms to discuss potential investment in Venezuela’s energy sector. The official said attendees are expected to include Chevron, Exxon Mobil, ConocoPhillips, Halliburton, Valero, Marathon Petroleum, Shell, and trading houses such as Trafigura and Vitol.
In oil markets, Brent crude rose 43 cents, or 0.7%, to $62.42 a barrel, and U.S. West Texas Intermediate crude (WTI) — the main U.S. benchmark — gained 41 cents, or 0.7%, to $58.17. Ole Hansen, head of commodity analysis at Saxo Bank, said the market is increasingly focused on Iran, adding: “Iran protests seem to be gathering momentum, leading the market to worry about disruptions,” reuters.com
Crude is bouncing back following a rough midweek selloff as expectations for Venezuelan supply changed. On Wednesday, Brent finished down 1.2% at $59.96 and WTI fell 2% to $55.99 after President Donald Trump referenced a proposal to import up to $2 billion worth of Venezuelan crude; Dennis Kissler, senior vice president of trading at BOK Financial, said the development had “crude futures continuing on the defensive.” reuters.com
U.S. inventory data offered a split picture for prices. The Energy Information Administration said commercial crude oil inventories fell by 3.8 million barrels to 419.1 million barrels in the week ended Jan. 2, while gasoline inventories jumped by 7.7 million barrels and distillate inventories — diesel and heating oil — increased by 5.6 million barrels.
Even so, the case for bulls isn’t a clean one. Oil jumped more than 3% on Thursday to end near a two-week high, yet analysts at Ritterbusch and Associates said the benchmark had slid back to about where it was trading before the U.S. move against Venezuela, warning that meaningful Venezuelan crude supply arriving at the U.S. Gulf Coast could still be “years away”; Raymond James analyst Pavel Molchanov also said Iranian exports might come under threat, depending on how unrest develops. reuters.com
A big macro trigger is nearly here for traders: the U.S. Employment Situation report for December hits at 8:30 a.m. ET on Friday. Next up is inflation data, with the Consumer Price Index for December due Tuesday, Jan. 13, per the BLS schedule.
The next big driver for crude oil price stocks will be whatever comes out of the White House meeting on Venezuela — namely, whether it points to near-term export bottlenecks or a faster route for barrels to get back into the market. The next EIA Weekly Petroleum Status Report is scheduled for Jan. 14.
