Will the Venezuelan crisis contribute to an increase in oil trading?

Oil prices dropped below $60 per barrel during the American session. Thus, the quotes have returned to the lower limit of the $60-62 zone, where the black gold has been trading since mid-January. We are not talking about a change of a trend, however, if the price drops below $58.5-59.0, there might be a reversal. As for now, the oil is consolidating and buyers are most likely to win this fight as soon as the consolidation is completed.
Apparently, the Baker Hughes rigs count data, which came out on Friday evening, put considerable pressure on oil. The number of active rigs has increased by 10 units to 862, although there was a record reduction of 21 units a week earlier.
Paradoxically, despite the emergence of new fundamental factors, the sideways movement continues. The crisis in Venezuela escalated last week. Possible sanctions from the United States, which might turn the country into a second Iran, for some reason do not exert pressure on the market. It will also be interesting to see the reaction of OPEC: the cartel will have to balance the market, which will lead to restrictions. In the medium term, this is likely to cause reduced supplies, which, in turn, will become a catalyst for an increase in the oil prices.

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