Oil prices up on US-Venezuela tensions, but set for weekly decline

The S&P 500 index experienced fluctuations as investors shifted their focus away from major technology stocks, opting instead for investments in old-economy and small-cap companies. This shift reflects a broader trend in market sentiment as investors reassess their portfolios amid changing economic conditions.

US credit card debt is on the rise as the holiday season approaches, but the pace of increase is slower compared to the same period last year, according to the Federal Reserve and major credit trackers. This trend indicates a shift in consumer behavior as Americans continue to use credit cards but may be more cautious in their spending habits.

The U.S. has seized a sanctioned oil tanker off the coast of Venezuela, a move that threatens to exacerbate the country's already fragile economy, which is on the brink of hyperinflation. This seizure is part of a broader strategy by the U.S. to exert pressure on the Venezuelan government amid ongoing political turmoil.

Broadcom's shares fell after the company's sales outlook for the AI market did not meet investor expectations, despite previously reporting strong earnings and a revenue forecast of $19.1 billion for the upcoming fiscal first quarter. President Trump announced the US's willingness to assist Ukraine's security as part of a peace plan.

The U.S. has seized an oil tanker near Venezuela, which was reportedly flying a false Guyana flag, raising concerns about the implications for oil supply to Cuba. This action has heightened tensions in the region amid ongoing political instability in Venezuela.

Oil prices have risen due to uncertainty surrounding Venezuela's oil supply, as geopolitical tensions escalate following the U.S. seizure of an oil tanker near the country. This incident has contributed to a rise in oil futures, reflecting market reactions to the potential disruptions in Venezuelan oil exports.

Venezuela's oil production has significantly declined, prompting the government to assert that former President Donald Trump is interested in its oil resources. The country's output challenges are compounded by political instability and economic turmoil, making recovery difficult.

Global electric vehicle (EV) sales growth has slowed to its lowest rate since February 2024, primarily due to a plateau in the Chinese market and recent policy changes in the United States. This decline reflects a significant shift in consumer demand and market dynamics, particularly in China, where car sales have also seen a notable decrease.