Oil falls more than 1% after Trump’s Venezuela announcement
Istanbul, January 7 (Hibya) — After U.S. President Donald Trump said Venezuela would deliver 30 to 50 million barrels of oil to the United States, oil prices declined. U.S. West Texas Intermediate (WTI) fell by more than 1% to around $56 a barrel, and Brent crude also dropped by over 1% to about $59.7 a barrel. :contentReference[oaicite:12]{index=12}
Although the amount of oil mentioned is relatively modest, markets are worried that a sustained flow of Venezuelan crude into the U.S. market could add to an already oversupplied market. :contentReference[oaicite:13]{index=13}
Companies like Trafigura are preparing talks with U.S. officials to resume Venezuelan crude purchases, while investors continue to assess the impact of future oil exports on the energy sector. :contentReference[oaicite:14]{index=14}
Meanwhile, expectations of progress on a U.S.–Ukraine security deal have raised hopes that restrictions on Russian oil exports could ease, and API data showed U.S. crude stocks fell by 2.8 million barrels against expectations of a 1.2 million‑barrel rise. :contentReference[oaicite:15]{index=15}
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