"In his address to the nation announcing the raid, President Trump spoke extensively on his plans for Venezuelan oil reserves, but investors seem of two minds on this aspect of the news. On the one hand, oil stocks are surging on hopes that U.S. oil companies will be able to return to or expand their presence in Venezuela under new leadership."
"At the same time, oil prices are rising despite prospects for increased Venezuelan oil production potentially increasing supplies and decreasing prices over the long term. Venezuela is believed to possess the largest proven oil reserves in the world - more oil than Saudi Arabia. WTI crude oil is up more than 1% today, to nearly $58 per barrel. Brent crude, the international benchmark, is up more than 0.8%."
A US-ordered raid in Caracas deployed missiles, planes, helicopters, and troops and removed Venezuelan president Nicolas Maduro and his wife to New York to face drug and terrorism charges. President Trump outlined plans for Venezuela's oil reserves during a national address. U.S. oil stocks rose on expectations of renewed access or expanded operations under new leadership: Exxon Mobil up 3%, ConocoPhillips up 5%, and Chevron nearly 7% in premarket trading. Despite potential for higher future Venezuelan output to increase supply, WTI crude rose about 1% to nearly $58 per barrel and Brent gained roughly 0.8%. A blockade of Venezuelan oil exports by unregistered 'dark fleet' tankers remains in effect, supporting near-term price increases.
Read at 24/7 Wall St.
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