Oil prices slipped on Monday after the US operation to oust Venezuelan president Nicolás Maduro created uncertainty over the future of the world’s largest crude reserves.
As the oil market resumed trading following Maduro’s capture by US forces over the weekend, Brent crude, the international oil benchmark, declined 0.8 per cent to $60.24 a barrel.
West Texas Intermediate, the US benchmark, was down 1 per cent to $56.75 a barrel.
While Venezuela accounts for less than 1 per cent of global oil output, 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.