Oil Drops Over 1% as Trump Hails Venezuelan Supply

Oil Drops Over 1% as Trump Hails Venezuelan Supply

Oil prices fell over 1% on Tuesday amid developments in energy markets, including the Trump administration's diesel deal with Russia and Europe's decision to release diesel and crude reserves. US President Donald Trump also claimed that the US is extracting “tremendous” amounts of oil in Venezuela and pledged to quickly refill the country's strategic reserves. WTI crude fell 1.57% to $92.20 per barrel, while Brent declined 1.32% to $105.16 per barrel.