Oil prices rose on Monday, as markets weighed the geopolitical shock of a U.S. military operation in Venezuela against persistent concerns over global oversupply.
The West Texas Intermediate for February delivery gained one U.S. dollar, or 1.74 percent, to settle at 58.32 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased by 1.01 dollars, or 1.66 percent, to settle at 61.76 dollars a barrel on the London ICE Futures Exchange.
Market participants are closely monitoring the aftermath of the U.S. raid and the seizure of Venezuelan President Nicolas Maduro.
Oil prices settle higher as Venezuela shock outweighs supply glut fears
The U.S. military strike against Venezuela and the capture of its president, Nicolas Maduro, have sparked mass protests in Uruguay, where demonstrators have denounced the move as an act of imperialist aggression. The United States launched a series of attacks against Venezuela on Saturday, seizing President Maduro and flying him to the U.S. to stand trial. The actions against Venezuela have shocked the international community, triggering condemnation and raising serious concerns worldwide.
"On behalf of Uruguay's unions, civil organizations, and the united front of our people, we strongly condemn the U.S. imperialist aggression against Venezuela," said Matilde Pomi, protest organizer.
"This is a bloody and criminal invasion. We must understand that it affects the entire region. It's an attack on all of Latin America. We are all at risk," said one of the protesters named Patricia, who held a sign reading "Yankees are murderers."
Crowds also gathered outside the U.S. Embassy in Montevideo, expressing their outrage over the U.S. acts of aggression. Pedro Sassone, the Venezuelan Consul in Uruguay, called for the defense of Venezuela's sovereignty and independence.
"This is war, an invasion. Venezuela is under attack. We call on the peoples of the Americas and the world to stand together in defense of our sovereignty and independence," said Sassone.
Protests erupt in Uruguay after U.S. strikes Venezuela
