Oil prices are likely to jump on fears that conflict in Venezuela could affect its roughly 800,000 barrels a day of oil exports, according to Saul Kavonic, an analyst at MST Financial.
Kavonic added, however, that regime change in the country could see exports eventually grow towards 3mn b/d as sanctions were lifted and foreign investment returned.
On Friday, crude prices edged up briefly after fresh US sanctions on Venezuela, but ended the day lower. Benchmark Brent crude closed at $60.75 a barrel, down 10 cents.
Giovanni Staunovo, a commodity analyst at UBS Wealth Management, said the prospect of US restrictions ending would lead prices lower when the markets open, noting that there would be more clarity after US President Donald Trump’s press conference later today, scheduled for 11am EST.
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