Oil prices fell on Tuesday amid expectations of abundant global supply in light of weak demand, as the market awaits the potential for increased Venezuelan crude oil production following the US capture of President Nicolas Maduro.
Brent crude futures fell by 0.2%, or 14 cents, to $61.62 per barrel, while the price of US West Texas Intermediate crude reached $58.13 per barrel, down 0.3% or 19 cents.
Oil prices are affected by international developments
It was noted that the response of oil prices to major geopolitical events, such as US military operations in Venezuela and ongoing strikes on Russian energy infrastructure, has been surprisingly calm.
It was added: “From a supply perspective, the oil sector remains saturated with barrels… According to the latest data, global crude oil supply continues to outpace consumption growth, pushing inventories higher and keeping prices low.”
Venezuela
Venezuela is a South American country with a history of indigenous cultures, Spanish colonization beginning in the 16th century, and independence achieved in 1821 under Simón Bolívar. It is known for its diverse natural landscapes, including the Andes Mountains, the Amazon rainforest, and Angel Falls, the world’s highest uninterrupted waterfall. The nation’s modern history and economy have been heavily defined by its vast petroleum reserves.
US
The United States of America is a federal republic founded in 1776 following its Declaration of Independence from Great Britain. It expanded across North America throughout the 19th century and emerged as a global superpower in the 20th century, with a history shaped by immigration, industrialization, and the ongoing pursuit of its democratic ideals.
Russia
Russia is the world’s largest country by land area, spanning Eastern Europe and Northern Asia. Its history is marked by the rise and fall of the Tsarist Empire, the establishment of the Soviet Union in the 20th century, and its subsequent transformation into the modern Russian Federation. The nation is renowned for its vast landscapes, rich literary and artistic traditions, and iconic cultural sites like the Kremlin and the Hermitage Museum.
