RoydadNaft –  Oil prices edged lower in early Asian trading on Monday as ample global supply outweighed concerns over potential disruptions stemming from political turmoil in Venezuela, according to Reuters.

Brent crude futures slipped 23 cents, or 0.4%, to $60.52 per barrel, while U.S. West Texas Intermediate crude fell 21 cents, or 0.4%, to $57.11 per barrel.

Prices were volatile in early trade as investors assessed developments in Venezuela, an OPEC member with the world’s largest proven crude reserves, whose oil exports remain constrained by U.S. sanctions.

U.S. President Donald Trump said Washington would maintain control over the situation and keep sanctions in place after Venezuela’s president was detained in New York, heightening political uncertainty around the country’s oil sector.

Despite the turmoil, analysts said the well-supplied global oil market has limited the immediate impact of any further disruption to Venezuelan exports.

Venezuela’s oil output has declined sharply over recent decades due to mismanagement and a lack of foreign investment, falling to around 1.1 million barrels per day last year, roughly 1% of global production.