Jan 7 (Reuters) – U.S. crude fell more than 1% on Wednesday after U.S. President Donald Trump said Venezuela will be “turning over” 30 million to 50 million barrels of sanctioned oil to the United States.
U.S. West Texas Intermediate crude (WTI) fell 88 cents, or 1.54%, to $56.25 a barrel by 0114 GMT, extending its decline after closing down $1.19, or 2.04%, on Tuesday.
“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.
(Reporting by Sam Li and Florence Tan; Editing by Tom Hogue)
