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Trump says US has majority control of Venezuela oil reserves
The timing came after WTI finished trading for the week on CME, meaning the market reaction occurred when the main futures market was closed and reopened Sunday.
OilPrice highlights a potentially market-moving claim by President Donald Trump, saying the United States has reached what he called the biggest oil deal in world history, giving the U.S. majority control over more than 65 billion barrels of Venezuela’s proven oil reserves.
The article says Trump also claimed the agreement would increase U.S. oil supplies and reduce gasoline prices, while noting the author has seen no evidence of advance trading based on the announcement.
OilPrice adds that the announcement was made Friday evening after benchmark West Texas Intermediate crude oil futures had closed for the week on CME Globex. It notes that WTI trades nearly around the clock from Sunday evening through Friday afternoon, but after Friday’s session ends, the main futures market does not reopen until Sunday evening.
The piece argues this timing can create unusually strong opportunities for financial advantage when material information is known ahead of a president’s public remarks, because oil prices can be highly sensitive to supply and policy developments.
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