Oil Slips Despite Venezuela Crisis as Global Supply Remains Ample

Global oil prices declined on Monday despite escalating political and military tensions in Venezuela, as ample worldwide supply continued to outweigh concerns over potential supply disruptions.

Brent crude futures fell to around $60.26 per barrel, while U.S.

West Texas Intermediate slipped to about $56.8, as investors assessed the implications of the Venezuelan crisis on global oil markets.

Prices showed limited volatility in early Asian trading, with market indicators pointing to sustained global supply of oil, keeping pressure on prices.

Meanwhile, U.S.

President Donald Trump reaffirmed that sanctions on Venezuelan oil remain in place, while hinting at potential multi-billion-dollar American investments in the country’s energy sector, adding a new dimension to global supply and demand dynamics.