Oil prices edged slightly higher on Tuesday as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude output following the United States capture of President Nicolas Maduro.
Brent crude futures rose 0.5%, or 30 cents, to $62.06 a barrel while US West Texas Intermediate crude was at $58.57 a barrel, up 0.4%, or 25 cents.
“It is premature to evaluate the impact of Nicolas Maduro’s capture on the oil balance. What seems obvious, nonetheless, is that oil supply will be sufficient in 2026, with or without an increase in production from the Organisation of the Petroleum Exporting Countries member,” said PVM Oil analyst Tamas Varga.
–Reuters–
