Oil falls after Trump says Venezuela will send oil to United States

Oil prices declined on Wednesday after US President Donald Trump said Venezuela will be “turning over” 30 million to 50 million barrels of sanctioned oil to the United States. US West Texas Intermediate crude (WTI) fell 78 cents, or 1.37%, to $56.35 a barrel by 0200 GMT, while Brent crude futures fell 61 cents, or 1%, to $60.09 a barrel. Both benchmark prices fell more than $1 in the previous trading session as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude output after the U.S. capture of the country’s leader, Nicolas Maduro. “This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” Trump said in a social media post on Tuesday.