Oil up more than 1% in choppy trade

Brent crude futures up, US WTI gains

HOUSTON:

Oil prices increased by more than 1% on Monday as traders assessed the possible impact on crude flows from Venezuela, home to the world's largest oil reserves, following the US capture of Venezuelan President Nicolas Maduro.

Brent crude futures were up 96 cents, or 1.58%, at $61.71 a barrel by 12:56pm EDT. US WTI crude gained 95 cents, or 1.66%, to $58.27. Both benchmarks rose more than $1 in late morning trade after falling more than $1 earlier in a choppy session, as investors digested news of Maduro's capture and that Washington would take control of the OPEC member whose crude exports had been under a US embargo that remains in place.

The Trump administration did not consult with oil companies Exxon Mobil, ConocoPhillips or Chevron Corp about Venezuela before or after US forces captured Maduro, according to four oil industry executives familiar with the matter.