The last bearish overhang for crude — Venezuela — is now gone. Why one trader says oil will follow in gold's footsteps.

Core Viewpoint - The energy sector is currently at its lowest valuation, with previous hopes for a production increase in Venezuela now diminished, according to Kevin Muir [1] Group 1: Energy Sector Valuation - The energy sector has never been cheaper, indicating a significant decline in valuations [1] - The anticipated ramp-up in Venezuelan oil production, which was seen as a potential positive factor, has not materialized [1] Group 2: Market Sentiment - The sentiment among energy bears has shifted as the last hope for Venezuelan production growth has faded [1]