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Oil prices open lower as Venezuelan output remains uncertain.
Summary
Oil futures fell less than 1% in early New York trading, dipping below $57 a barrel, while Brent also traded lower; U.S. stock futures edged up and S&P 500 contracts gained about 0.1%.
Content
Oil futures fell Sunday night in the first trading session since the U.S. ousted Venezuelan strongman Nicolás Maduro and President Trump pledged to dispatch American drillers to revive the country's crude output. U.S. futures for delivery later this month traded down less than 1% at the open, below $57 a barrel shortly after trading began in New York. Brent crude futures were similarly lower. The move reflects expectations among energy traders that significant obstacles remain before Venezuelan oil is flowing more freely into global markets.
Key points:
- Oil futures declined less than 1% in the first trading session after recent U.S. actions related to Venezuela.
- U.S. futures traded below $57 a barrel shortly after the New York open.
- Brent crude futures were also trading lower.
- Traders cited expectations that substantial obstacles remain before Venezuelan crude increases supply to global markets.
- U.S. stock futures edged up, with contracts tied to the S&P 500 gaining about 0.1%.
Summary:
The price moves reflect cautious market expectations about how quickly Venezuelan oil supplies could return to global markets. Undetermined at this time.
