Oil prices ease as investors track Venezuela fallout
The Peninsula
London: Oil prices dipped yesterday after the United States ousted Nicolas Maduro, leader of crude rich Venezuela, raising the prospect that billions...
London: Oil prices dipped yesterday after the United States ousted Nicolas Maduro, leader of crude-rich Venezuela, raising the prospect that billions of barrels could be added to the global market in coming years.
Shares prices of defence companies and gold miners rallied on the new geopolitical risks in the wake of the US invasion, while prospects of more US interest-rate cuts this year and a booming technology sector lent additional support to equity markets.
The dollar traded mixed while gold, seen as a safe haven investment, jumped along with silver. The prices of Brent North Sea crude oil, an international oil benchmark, and the main US contract WTI were slightly lower after US forces seized Maduro on Saturday.
Leftist strongman Maduro, 63, faces narcotrafficking charges along with his wife, who was also seized and taken out of Caracas in the shock US assault that involved commandos, bombing by jet planes, and a massive naval force off Venezuela’s coast.
The oil market, which is currently oversupplied, “will likely absorb this short-term supply uncertainty, with a limited impact on oil prices”, said Helge Andre Martinsen, senior energy analyst at DNB Carnegie.
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