Oil prices inched up on Monday as investors weighed whether political upheaval in OPEC member Venezuela would disrupt shipments after U.S. President Donald Trump seized Venezuelan President Nicolas Maduro, in a well supplied market.
Brent crude futures rose 17 cents to $60.92 a barrel by 0024 GMT, paring earlier losses, while U.S. West Texas Intermediate crude was at $57.43 a barrel, up 11 cents.
The United States snatched Maduro from Caracas at the weekend. Trump said Washington would take control of the oil-producing nation and that the U.S. embargo on all Venezuelan oil remained in full effect.
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.
In a global market with plentiful oil supply, analysts said any further disruption to Venezuela’s exports would have little immediate impact on prices.
