Market Wrap / commodity velocity

The local market failed to maintain early gains as the situation in Venezuela cast uncertainty over oil markets. The S&P/ASX 200 gained just 0.01% to 8,728.60 points. 

Over the weekend, the US captured Venezuela's President Nicolas Maduro from within the oil-rich South American nation. US officials have flagged they intend to influence oil production in the country. 

Brent crude prices initially eased by more than 1% on the news before paring these losses. Energy-related stocks tracked lower, with Woodside shedding 1.4%. 

Elsewhere, Rio Tinto hit a record, while gold players benefited from safe-haven demand. Newmont gained 2%. Also in the materials sector, Coronado Global fell 11% following a fatal incident at a Queensland mine.

Among defence stock, IperionX rose 7%.

Elsewhere, shares in Australian Agricultural Company slipped to a one-and-a-half month low following flooding impact on crops.

Tonight, investors will focus on the latest geopolitical developments, as Nicolas Maduro faces a US judge on drug trafficking charges.