Trump's Venezuela Oil Deal Sinks Crude Prices; West Texas Crude Dips 2%

• Crude oil prices, including West Texas Intermediate and Brent, fell significantly after US President Donald Trump's announcement regarding Venezuelan oil.
• Trump stated Venezuela would send 30-50 million barrels of sanctioned oil to the US, to be sold for the benefit of both nations.
• The oil, valued over $2.8 billion at current WTI prices, would be moved from storage ships directly to US unloading docks.
• Energy Secretary Chris Wright has been tasked with immediately completing the plan for this oil transfer.
• The market is also considering implications of potential Venezuelan leadership changes and a US-Ukraine security deal that could increase Russian oil supply.

Why It Matters: Trump's Venezuela oil announcement caused a sharp drop in crude prices, adding supply to the market.