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Analysts at Danske Bank note that the oil price of Brent crude rose briefly above USD73/bbl on the news of a military coup attempt in Venezuela led by opposition leader Guaido and backed by the US.

Key Quotes

“Later, API was said to report that US crude stocks rose 6.8mb last week, which helped reverse sentiment in the oil market. The oil market is clearly concerned about the ramifications for Venezuela’s oil production and exports of a further deterioration of the situation. Venezuela is currently producing 800-900k/b – down about 50% from a year ago.”