Oil prices are falling in Asia despite the Venezuelan crisis



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Low oil prices

Oil prices fell on Monday in Asia as worries about global growth were overshadowed by last week's high because of the crisis in Venezuela.

Light and sweet crude for March delivery fell 31 cents to $ 53.38 in electronic trading in Asia.

Brent crude from the North Sea, the European benchmark for March delivery, fell 26 cents to $ 61.38.

Oil prices rose last week due to the situation in Venezuela, where Speaker Juan Guaido is "acting president" instead of current president-elect Nicholas Maduro. Guido is supported by the United States and several other countries, especially Europe.

Venezuela has the largest reserves of crude oil in the world and remains an important member of the Organization of the Petroleum Exporting Countries (OPEC), despite the collapse of the price of black gold in recent years.

"Prices rose last week to a two-month high last week because the political turmoil in Venezuela has suggested that this country would produce less oil," said Oda analyst Edward Mia.

But analysts say the risk to production is being constrained by continued concerns about the impact of the global economic slowdown.

Source: AFP

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