Oil prices jumped by about one per cent yesterday as traders assessed the possible impact on oil flows from the US capture of President Nicolas Maduro of Venezuela which is home to the biggest global oil reserves.

According to Reuters, Brent crude futures rose by 55 cents, or 0.9 per cent, to trade at $61.30 per barrel while US West Texas Intermediate crude gained 64 cents, or 1.1 per cent, to trade at $57.96.

It reported that the benchmarks have crept in and out of negative territory in European trading as markets digested news that the US had captured Venezuela’s President, Nicolas Maduro and that Washington would take control of the OPEC member, crude exports of which had been under a US embargo that remains in place.

It added that in a global market with plentiful oil supply, analysts said that any further disruption to Venezuela’s exports would have little immediate impact on prices.

“Venezuelan oil output has plummeted in recent decades, curbed by mismanagement and a lack of foreign investment after the nationalisation of oil operations in the 2000s. “Output averaged about one million barrels per day last year, equating to about one per cent of global production.”

It noted that Venezuela’s acting President, Delcy Rodriguez, offered on Sunday to cooperate with the United States. SEB analysts said: “This reduces the risk for an extended embargo on Venezuelan oil exports, with oil potentially flowing freely out of Venezuela before too long,” said SEB analysts. Shares of U.S. energy companies rallied.”