Oil futures are trading lower during Monday’s Asian session as traders await the results of elections in Venezuela, South America’s largest oil-producing country.

On the New York Mercantile Exchange, light, sweet crude futures for June delivery are lower by 0.72% at USD90.95 per barrel in Asian trading Monday. 

Venezuela, a member of the Organization of Petroleum Exporting Countries, is holding its first election today since former President Hugo Chavez passed away just several weeks ago. While the country is believed to be home to perhaps the largest oil reserves in the world, its production slid under Chavez due to nationalization and declining investment in oil infrastructure. 

Some market participants are hoping that Venezuelan voters will opt for a new form of government that will lead to increased oil production and high levels of foreign direct investment. However, those scenarios seem unlikely as several international media agencies reported that Chavez’s chosen heir, Nicolas Maduro, held a double-digit lead heading into Sunday’s polling. http://www.investing.com/news/commodities-news/oil-lower-ahead-of-venezuela-election-results-246535