Stock futures and oil prices edged higher on Sunday evening as investors began to digest the implications of the U.S. military raid on Venezuela that captured Nicolas Maduro.
While the country has the world’s largest proven oil reserves, production has been waning for years amid U.S. sanctions, mismanagement by the Maduro regime, and underinvestment.
President Donald Trump said Saturday that Maduro’s removal will unleash a surge of investment in Venezuela’s oil industry and revive output, though analysts have said that could take years.
Meanwhile, Venezuela’s shrinking influence in the world’s oil landscape has Wall Street downplaying much near-term effects from U.S. intervention there.
“The physical global oil market situation remains the same. Oil prices have declined due to an oversupplied global oil market,” said Rob Hummel, senior portfolio manager at Tortoise Capital Management, said in a note. “The current events in Venezuela don’t change this dynamic.”
U.S. oil futures rose 0.19% to $57.43 a barrel, and Brent crude climbed 0.28% to $60.92 a barrel, with both benchmarks reversing earlier losses.
OPEC+ also backed plans to keep production steady through the first quarter and hold off on any further hikes, as oil markets still face a supply glut.
Futures tied to the Dow Jones industrial average were essentially flat, down 5 points. S&P 500 futures were up 0.10%, and Nasdaq futures added 0.32%.
The yield on the 10-year Treasury was unchanged at 4.191%. The U.S. dollar