(RTTNews) - Oil prices traded lower on Wednesday, extending losses from the previous session after the United States and Venezuela reached an agreement allowing the export of up to $2 billion worth of Venezuelan crude oil to U.S. ports.
Benchmark Brent crude futures dipped 0.7 percent to $60.29 a barrel while WTI crude futures were down more than 1 percent at $56.53.
Trump said Tuesday night that between 30 million and 50 million barrels of oil would be sold to the U.S. at market prices, with proceeds overseen by U.S. Energy Secretary Chris Wright.
The U.S. will use the proceeds "to benefit the people of Venezuela and the United States!" he wrote on Truth Social.
However, analysts were skeptical that Trump's plans would have a major impact on the global supply and American oil companies can fix Venezuela's oil infrastructure.
Traders were also reacting to mixed inventory data from the American Petroleum Institute (API).
While U.S, crude inventories fell by 2.8 million barrels during the week ended Jan. 2, gasoline inventories rose by 4.4 million barrels, and distillate inventories, including diesel and heating oil, increased by 4.9 million barrels over the same period, the API estimated.
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