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Yo_Mama_Been_Loggin

(107,112 posts)
Wed May 1, 2019, 05:28 PM May 2019

What the uprising in Venezuela could mean for oil prices

The deepening chaos in Venezuela could have profound consequences for the global oil markets.

US oil prices initially rallied Tuesday as TV images depicted a violent uprising in Venezuela, which was once one of America's leading oil suppliers.

But crude prices have since retreated as observers try to decipher whether US-backed opposition leader Juan Guaido will be successful in his bid to oust President Nicolas Maduro.

"We simply don't know what is happening on the ground," said Helima Croft, global head of commodity strategy at RBC Capital Markets. "I would be cautious about saying we are in the final chapter."

Croft, a former CIA analyst, said it's unclear if the uprising is supported by senior military officers.

https://www.msn.com/en-us/money/markets/what-the-uprising-in-venezuela-could-mean-for-oil-prices/ar-AAAKvps?li=BBnbfcN

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