Oil prices were little changed on Monday, swinging between gains and losses as traders assessed the potential market impact of a US military move in Venezuela against a backdrop of ample global supply and muted demand growth.
International benchmark Brent crude traded at $60.33 per barrel at 9.30 a.m. local time (0630 GMT), down 0.6% from last Friday's close of $60.73.
US benchmark West Texas Intermediate (WTI) was at $56.82 per barrel, down around 0.7% compared with $57.21 last week.
Prices opened lower in Asian trading and slipped again after a brief rebound, with gains capped by an abundance of supply, despite heightened geopolitical tensions.
The US is "in charge" of Venezuela, US President Donald Trump said Sunday, following a military operation in which the country's leader, Nicolas Maduro, and his wife were "captured" and brought to the US to face criminal charges.
"We're dealing with the people who just got sworn in. Don't ask me who's in charge because I'll give you an answer and it'll be very controversial," Trump told reporters aboard Air Force One when asked if he had spoken to Vice President Delcy Rodriguez, who was named by Venezuela's top court Saturday as the country's acting president.
"We need total access. We need access to the oil and to other things in their country that allow us to rebuild their country," he said when asked what he needs from Rodriguez.
Experts say global oil supply remains strong, limiting the short-term price impact of any further cuts to Venezuela's exports.
The US military strike did not damage Venezuela's oil production or refining infrastructure, according to reports. US President Trump also said a second military operation could be launched if officials remaining in the Venezuelan administration refuse to cooperate.
Markets are also keeping an eye on Iran after Trump threatened possible intervention amid ongoing protests there.
Meanwhile, the OPEC+ group agreed Sunday to keep output levels unchanged, adding to downward pressure on prices as supply remains ample and demand growth subdued.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr
