Crude oil prices are climbing, on Venezuela turmoil and uncertainty over OPEC output cuts
Crude prices climbed on Tuesday, building on a gain for the month, as the Saudis looked to defy President Donald Trump’s request to pump more oil and an uprising in Venezuela fed uncertainty over the country’s output.
Global benchmark June Brent crude LCOM9, +1.15% which expires at the day’s settlement, rose 64 cents, or 0.9%, to $72.68 a barrel on ICE Futures Europe, with prices for the contract up more than 7% month to date. July Brent LCON9, +1.03% the soon-to-be front-month contract, traded at $71.79, up 25 cents, or 0.4%.
“The country is in meltdown mode and it could be a matter of time before [Nicolás] Maduro is forced out or decides to flee” he said. “Oil remains vulnerable on Venezuela but once Guaidó takes over, we could see oil selloff sharply. If Guaidó gets captured, oil could rise a few dollars.” BP PLC said Tuesday its profit dropped by 12% in the first quarter due to a weaker oil price environment at the start of 2019, echoing anemic quarterly results recently reported by other Big Oil companies.
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