Oil prices fell in early trading. Earlier, US President Trump said that Venezuela would supply up to 50 million barrels of sanctioned oil to the US. This move is expected to exacerbate the global oversupply situation. Brent crude oil fell 0.9% to $60.18 a barrel, and West Texas Intermediate fell 1.1% to $56.48 a barrel. Soojin Kim of the Mitsubishi UFJ said, “As the US begins to tighten control over the Venezuelan oil industry, the decline in oil prices has increased, increasing the pressure on the already oversupplied global market. “The oil will be sold at market price, and the proceeds will be overseen by the White House to benefit both countries. Trump is also expected to meet with US oil industry executives on Friday to discuss investments in the Venezuelan oil industry. “Although Venezuela currently accounts for only about 1% of global supply, uncertainty about its exports has exacerbated bearish sentiment,” Kim said.

Oil prices fell in early trading. Earlier, US President Trump said that Venezuela would supply up to 50 million barrels of sanctioned oil to the US. This move is expected to exacerbate the global oversupply situation. Brent crude oil fell 0.9% to $60.18 a barrel, and West Texas Intermediate fell 1.1% to $56.48 a barrel. Soojin Kim of the Mitsubishi UFJ said, “As the US begins to tighten control over the Venezuelan oil industry, the decline in oil prices has increased, increasing the pressure on the already oversupplied global market. “The oil will be sold at market price, and the proceeds will be overseen by the White House to benefit both countries. Trump is also expected to meet with US oil industry executives on Friday to discuss investments in the Venezuelan oil industry. “Although Venezuela currently accounts for only about 1% of global supply, uncertainty about its exports has exacerbated bearish sentiment,” Kim said.