The United States seized a Venezuelan oil tanker and the market was quick to react. Prices are falling more than 1%, due to fears about supply exceeding demand.
Os Brent barrel futures fall 1.13% and it ends up at 61.51 dollars, while the WTI (West Texas Intermediate) slips 1.18% and it stands at 57.77 dollars per barrel, shortly after 12 pm this Thursday, December 11th. Negative investor sentiment comes after the US moved forward with the seizure of a Venezuelan oil tanker.
The decision initially resulted in a rise in priceson the evening of Wednesday, December 10, shortly after the first reports, as a result of associated geopolitical tensions. Later the feeling reversed and prices stayed in the ‘red’, based on the idea that the industry will face an oversupply of oil available on the market.
Remember that Venezuela has the largest oil reserves in the worldwhich is why it is a decisive economy in the sector, even though it is not among the largest producers of that resource.