Crude oil falls amid fears US president’s pledge to run country and unlock vast reserves could deepen global supply glut

The price of oil has fallen as investors digested the impact of the US capture of the Venezuelan president, Nicolás Maduro, while a former Chevron executive has said he is already seeking to raise $2bn (£1.5bn) to invest in oil projects in the country.

Brent crude dropped by 0.7% to $60.33 a barrel and West Texas Intermediate crude fell 0.54% to $56.01 a barrel in early trading on Monday, after Donald Trump pledged to unlock Venezuela’s vast oil reserves. It later recovered some ground, down 0.1%.

Venezuela produces only about 1% of global oil output, after years of underinvestment, US trade sanctions and a naval blockade. However, the country holds about 17% of global crude oil reserves, according to the US Energy Information Administration.