Oil Prices Fall After Venezuela Political Crisis

Oil prices declined following the political crisis in Venezuela, according to a foreign news agency. In the Asian market, Brent crude oil fell by 0.63 percent and was traded at $60.37 per barrel.

Similarly, West Texas Intermediate (WTI) crude oil also recorded a decline of 0.70 percent, bringing its price down to $56.92 per barrel.

The drop in oil prices came amid escalating tensions in Venezuela. Reports said that the US military carried out attacks at multiple locations, including the Venezuelan capital. Venezuelan President Nicolás Maduro and his wife were reportedly detained and transferred to the United States.

Explosions were heard in Caracas, while low-flying aircraft were seen over different areas of the city. According to US media, the attacks were ordered by former US President Donald Trump, and at least seven explosions were reported in the Venezuelan capital.