Venezuela: Opposition's López liberated by anti-government forces, Guaidó calls for action, oil could react

Yohay Elam FXStreet

Anti-government, anti-Chavist forces have liberated Leopoldo López from his long-term house arrest. In addition, Juan Guaidó, that proclaimed himself President several months ago, called to act. Guiadó was recognized by the US and several South American and European nations as the legitimate president of the South American country.

Guidaó released a video of himself calling for action, with uniformed men in the background. President Nicolás Maduro has yet to respond to this fresh round in the ongoing political and economic crisis the country is in.

Venezuela is a large producer of oil and has vast reserves. However, output has been dwindling this year. A worsening crisis could weigh on oil production and push prices higher. WTI Crude Oil advanced earlier on OPEC related news but could also react on the news from Venezuela.

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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