Oil Prices Slip as Markets Eye the Return of Venezuelan Crude

Oil prices edged lower in early Asian trading on Tuesday as markets weighed the possibility of higher Venezuelan crude output, reinforcing expectations of ample global supply amid weak demand. Brent crude futures fell around 0.34% to trade near $61.55 per barrel, while U.S. West Texas Intermediate slipped by 0.45% to $58.06 per barrel in early. Price pressure was due to the prospect of a potential easing of U.S. sanctions on Venezuelan oil and a subsequent increase in output. In an already well-supplied global market, the fear of additional oil…