Why Oil Prices Are Barely Moving After the Venezuelan Incursion
Oil futures fell Sunday night to start the first trading session since the U.S. ousted Venezuelan strongman Nicolás Maduro and President Trump subsequently pledged to dispatch American drillers to revive the country's crude output.U.S. futures for delivery later this month shed 0.5%, trading at about $57 a barrel after the open Sunday in New York. Brent crude futures were down by even less, trading around $60.50.Financial markets were generally muted to start the week's trading. U.S. stock futures edged up slightly. Contracts tied to the S&P 500 gained 0.1%. Gold futures rose about 1%, and silver futures continued their rapid ascent, climbing more than 2%.The move in oil markets reflects expectations among energy traders that significant obstacles remain before Venezuelan oil is flowing more freely into global markets.Sanctions applied to pressure Maduro's regime have been a pillar of support for oil prices that have been depressed by a growing surfeit.
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