Brent crude slips toward $60 as uncertainty over Venezuelan output weighs on markets

Brent crude oil prices edged lower on Wednesday, trading near the $60.70 per barrel mark as market participants weighed global supply surpluses against heightened geopolitical risks in South America and the Middle East.

By 08:51 GMT, Brent futures fell by $1.06, or 1.7%, to $60.70. U.S. West Texas Intermediate (WTI) crude also saw a decline, dropping 2% to $57.13.

Analysts attribute the downward pressure to uncertainty surrounding Venezuela’s oil production following recent U.S. military "quarantine" measures, as well as reports of rising global inventories.

"Market concerns about a surplus continue to weigh on prices, even as geopolitical developments provide a fragile floor," noted an energy analyst at a major investment firm.

N.Tebrizli