Oil prices edged higher in trading on Monday, as investors weighed the potential impact of political turmoil in OPEC member Venezuela on oil supplies. This comes amid a well-supplied oil market, and after statements by US President Donald Trump regarding Venezuelan President Nicolas Maduro.
By 00:24 GMT, Brent crude futures were up 17 cents to $60.92 a barrel, paring some earlier losses. Meanwhile, US West Texas Intermediate crude rose 11 cents to $57.43 a barrel.
It is worth noting that the United States arrested “Maduro” and moved him from Caracas over the weekend. “Trump” confirmed that Washington would take control of the oil-producing country, stressing that the US embargo on Venezuelan oil remains “fully in effect”.
