Oil extends losses as Trump flags Venezuela shipments, stocks wobble
Summary
Oil prices fell after Donald Trump announced Venezuela would supply millions of barrels of oil to the US, easing supply concerns amid OPEC+ output boosts; global equity markets showed mixed movements with a strong start to the year.
Key Points
- Donald Trump stated Venezuela would provide 30 to 50 million barrels of oil to the US, controlled by him to benefit both nations.
- Oil prices dropped by up to 2% following the announcement due to eased supply concerns amid existing high stocks and OPEC+ production increases.
- Venezuela's potential oil output boost is limited by infrastructure, low prices, and political uncertainty.
- Global equity markets saw mixed changes with some indices hitting record highs influenced by AI sector growth and others declining due to geopolitical tensions.
