HONG KONG, Jan 7, 2026 (BSS/AFP) - Oil extended losses Wednesday after Donald Trump said Venezuela would turn over millions of barrels to the United States, while equities wobbled after a record-breaking start to the year. But it sank as much as two percent Tuesday and around one percent Wednesday 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." That comes as the crude market remains well stocked after OPEC+ agreed to boost output.

Source: Bangladesh Sangbad Sangstha January 07, 2026 03:54 UTC