Crude oil futures prices rose because the market did not believe that Venezuela's production would increase rapidly after leader Maduro stepped down. Pepperstone's Michael Brown said in the report that the country's energy infrastructure is in an extremely poor state and requires tens of billions of dollars of investment to resume operation. He pointed out, “In any case, the extra heavy acidity of Venezuelan crude oil means that with Brent crude oil at $60 per barrel, the economic benefits of mining are not economical.” He believes that any potential increase in production “comes a long time later” and that “nothing we have seen so far has substantially changed the prospects for crude oil.”

Crude oil futures prices rose because the market did not believe that Venezuela's production would increase rapidly after leader Maduro stepped down. Pepperstone's Michael Brown said in the report that the country's energy infrastructure is in an extremely poor state and requires tens of billions of dollars of investment to resume operation. He pointed out, “In any case, the extra heavy acidity of Venezuelan crude oil means that with Brent crude oil at $60 per barrel, the economic benefits of mining are not economical.” He believes that any potential increase in production “comes a long time later” and that “nothing we have seen so far has substantially changed the prospects for crude oil.”