Ibadan – Oil extended losses on Wednesday after Donald Trump said Venezuela would turn over millions of barrels to the United States, while equities were mixed after a record-breaking start to the year.
Crude has seen wild swings since the US president ordered the toppling Saturday of Nicolas Maduro, his counterpart in Caracas, and said Washington would run the country while demanding “total access” to its key resource.
Meanwhile, both main contracts sank more than one percent on Wednesday — having lost 1.7-2.0 percent on Tuesday — after Trump announced the latest development.
“The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote on his Truth Social platform.
“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.”
