Oil prices fell despite escalating tensions over Venezuela
Istanbul, January 5 (Hibya) – Following U.S. strikes on Caracas, oil prices swung between gains and losses. Venezuela holds the world’s largest proven oil reserves, and more Venezuelan crude entering the market could heighten oversupply concerns and intensify recent pressure on prices.
Brent crude prices, after falling more than 1% earlier, partially recovered losses and were last trading 0.25% lower.
West Texas Intermediate prices fell 0.4%.
According to the U.S. Energy Information Administration, Venezuela—a founding member of OPEC—has the world’s largest proven crude oil reserves at 303 billion barrels, or about 17% of the global total.
The removal of Venezuela’s president would raise geopolitical risk in global markets, but investors appear to be focusing on the long-running artificial intelligence boom and hopes for further U.S. interest rate cuts.
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