Oil prices edged lower in early Asian trading on Monday, as concerns over political upheaval in Venezuela were outweighed by abundant global supply. Brent crude futures fell 34 cents to $60.41 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 41 cents to $56.91 a barrel.
The decline comes after U.S. forces captured Venezuelan President Nicolas Maduro over the weekend, with President Donald Trump declaring that Washington would take control of the oil-rich nation. Despite the dramatic political move, sources familiar with operations at Venezuela’s state oil company PDVSA said that the strike caused no damage to the country’s production or refining capacity.
Analysts noted that OPEC+ decided to maintain output at its monthly meeting on Sunday, and global markets remain well-supplied. “There is plentiful oil supply in global markets, meaning any further disruption to Venezuela’s exports would have little immediate impact on prices,” said market observers, emphasizing that geopolitical tensions have yet to translate into higher oil costs.
The early-week trading suggests that investors are cautiously monitoring developments in Venezuela but remain reassured by the stability of global production and the limited short-term impact on overall supply.
