Trump's Venezuela Deal Sinks Oil Prices

Global oil prices dropped sharply after former U.S. President Donald Trump announced a major energy deal with Venezuela. Prices fell more than 1% following Trump's statement. He said Venezuela would hand over between 30 million and 50 million barrels of its crude oil to the United States. This oil is currently blockaded and stranded in tankers and storage facilities. The proposed deal would grant the U.S. president authority to sell this crude. The potential sale is worth up to $3 billion. Analysts note that releasing this oil would add supply to a global market that is already oversupplied, putting downward pressure on prices.