Oil prices wavered in early trading after the US operation to oust Venezuelan president Nicolás Maduro created uncertainty over the future of the world’s largest crude reserves.
Brent, the international oil benchmark, fell as much as 1.2 per cent to $60 a barrel shortly after the open on Sunday evening in London. It later turned modestly higher to trade at $61.21.
Venezuela produces less than 1 per cent of global oil output, with exports constrained by US sanctions and a naval blockade. But the country holds about 17 per cent of the world’s proven crude reserves, according to the US Energy Information Administration, giving it the potential to increase supply significantly.
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