SINGAPORE, Jan 5 (Reuters) – Oil prices slipped in early Asian trade on Monday on ample supply despite concerns about political upheaval in OPEC member Venezuela disrupting shipments.
Brent crude futures fell 34 cents to $60.41 a barrel by 2308 GMT while U.S. West Texas Intermediate crude was at $56.91 a barrel, down 41 cents.
The United States snatched Venezuelan President Nicolas Maduro from Caracas at the weekend and U.S. President Donald Trump said Washington would take control of the oil-producing nation.
The U.S. strike on Venezuela to extract the country’s president inflicted no damage on the country’s oil production and refining industry, two sources with knowledge of operations at state oil company PDVSA said at the weekend.
OPEC+ had its monthly meeting on Sunday and decided to hold output.
There is plentiful oil supply in global markets, meaning any further disruption to Venezuela’s exports would have little immediate impact on prices, analysts said.
(Reporting by Florence Tan; Editing by Jamie Freed)
Comments