Venezuela: Oil prices rise as Guiadó calls the army to oust Maduro

Yohay Elam FXStreet

Opposition leader and self-proclaimed president Juan Guiadó announced the "final phase" of the plan to oust President Nicolás Maduro. Earlier, anti-government forces released Leopoldo Lopez, an opposition leader that was under house arrest.

The government's information ministry said that a "small of group of treasonous militaries" is attempting a coup. It is unclear which side has more support at the time of writing.

In a video, Guiadó called the people and the army to act against the government. The South American country is suffering a deepening political and economic crisis despite having vast oil reserves.

The news from Venezuela pushed oil prices higher. WTI Crude Oil is trading around $64.30, new daily highs. It was already on the rise earlier and now extends its gains.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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