Historically, when there is any toughening in the bilateral relations between the USA and major oil exporters, crude oil futures usually start appreciating.
This is what happened during the conflicts in Iraq, Syria and Libya. The same holds true for bilateral relations between the USA and Iran.
On March 20th 2013, traders and investors received a new wake-up call, which may initiate another rally in the market of crude oil. After Hugo Chavez’s death, the Venezuela n government didn’t change the country’s political course in the international arena and decided to suspend the dialog with the USA.
The Venezuela n authorities hope that the USA will change their attitude towards Venezuela and will stop interfering with the country’s internal affairs.
After Hugo Chavez’s death, most European and American experts predicted multiple problems in Venezuela if they local authorities fail to change their political course. The CIA gave its forecast while analysts predicted higher oil prices.
At this point, the global market of crude oil keeps consolidating, Masterforex-V academy reports. Obviously, multiple tensions around the globe support oil prices. As far as Venezuela is concerned, the situation may change only after the forthcoming presidential election, which is scheduled for April 14th 2013.
