The impact of Maduro's overthrow on oil prices is ambiguous in the short run, said Daan Struyven, head of oil research at Goldman Sachs.

While Venezuela has the world's largest oil reserves, its oil production is relatively small.

The impact of Maduro's overthrow on oil prices is ambiguous in the short run, said Daan Struyven, head of oil research at Goldman Sachs.

Oil prices inched up on Monday as investors weighed whether political upheaval in OPEC member Venezuela would disrupt shipments.

Shares of U.S. oil majors are rising as investors bet that they will cash in after the military action that ousted Venezuelan President Nicolas Maduro.

Brent crude dropped below 60 US dollars a barrel after the US leader said Venezuela would turn over oil worth close to £1.5 billion.