Oil price falls to $60 per barrel — below 2026 budget benchmark
[NigerianEye - Nigeria] - 7/01/2026
Oil prices dropped on Wednesday as the market reacted to United States President Donald Trump’s announcement that the US had secured a deal to import up to $2 billion in Venezuelan crude. Brent crude dropped by 0.38 percent to $60.56 a barrel by 17.00 WAT, while US West Texas Intermediate crude fell by 1.17 percent to $56.46 a barrel. Earlier today, Trump said Venezuela will turn over between 30 million and 50 million barrels of oil to the US. Trump’s announcement followed his declaration that the US will take over the affairs of Venezuela until a political transition is achieved — after (…)
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