Ammon News - Oil prices fell on Tuesday on expectations of ample global supply amid weak demand, and as the market weighed the prospect of higher Venezuelan crude output following the U.S. capture of President Nicolas Maduro.

Brent crude futures fell 0.2%, or 14 cents, to $61.62 a barrel by 0450 GMT while U.S. West Texas Intermediate crude was at $58.13 a barrel, down 0.3% or 19 cents.

Maduro pleaded not guilty in a New York court on Monday to narcotics charges.

The administration of U.S. President Donald Trump plans to meet U.S. oil executives this week to discuss boosting Venezuelan oil production, a person familiar with the matter told Reuters.

Venezuela is a founding member of the Organization of the Petroleum Exporting Countries and has the world's largest oil reserves at about 303 billion barrels. However, its oil sector has long been in decline due in part to under-investment and U.S. sanctions.
Its average output last year was 1.1 million barrels per day.

This comes after President Donald Trump said the U.S. would take control of the South American nation following the arrest of its president.

Oil analysts said Venezuelan output could increase up to half a million barrels a day over the next two years with political stability and U.S. investment.

Reuters