Oil Edges Up as Traders Weigh Future of Venezuelan Production

Oil crept higher as the capture of Venezuelan President Nicolás Maduro by US forces opened new currents of geopolitical risk and as Washington appears set to continue clamping down on shipments from the South American nation.

West Texas Intermediate added 1.7% to settle above $58 a barrel. The US plans to continue pressuring the OPEC producer’s oil exports, though Venezuela’s relatively small global footprint and a market already grappling with a swelling glut are capping price gains. Oil company shares jumped in premarket trading after President Donald Trump said American companies will spend billions of dollars to rebuild Venezuela’s crumbling infrastructure.