Oil prices rise slightly amid US action in Venezuela 

Shares in US oil companies jumped on Monday on the prospect of being granted access to Venezuela’s oil reserves

Shares of Chevron, the only US major currently operating in Venezuela's oil fields, climbed 6.5% in pre-market trading, following the ousting of Venezuelan president Nicolas Maduro over the weekend. Photo: Jason Henry/Bloomberg

Oil prices increased by about 1% on Monday as traders assessed the potential impact on oil production following the US capture of Venezuelan president Nicolas Maduro.

Venezuela is home to the world’s largest proven reserve of oil but production plummeted in recent decades due to mismanagement, limited foreign investment following the nationalization of its oil industry and sanctions. It is also a member of the Organisation of the Petroleum Exporting Countries (OPEC).