Philenews

Oil Prices Fall After Trump Comments on Venezuela

Published January 7, 2026, 11:19
Oil Prices Fall After Trump Comments on Venezuela

Oil prices declined on Wednesday following statements by US President Donald Trump regarding Venezuela. Trump announced that Venezuela would deliver millions of barrels of oil to the United States, sparking market concerns about supply. Brent crude fell by 0.90% to $60.16 a barrel, while WTI crude dropped by 1.3% to $56.40 a barrel. Trump stated that the revenue from the sale would be used to support the people of Venezuela and the US. Analysts note that oil shipments reduce the risk of Venezuela being forced to curtail production due to limited storage capacity, but the overall outlook for oil remains bearish.