European oil stocks declined during opening trading, and traders feared that Venezuelan oil would flow into an already saturated market. Oil prices had little reaction to US intervention in Venezuela before, but declined after US President Trump said that the Venezuelan interim government would hand over 50 million barrels of crude oil to the US. The prospects for additional supply are exacerbating an already bearish oil market. Brent crude fell 1.1% to $60.01 a barrel, while West Texas Intermediate fell 1.5% to $56.29 a barrel. In the London market, British Petroleum and Harbour Energy declined by about 2.5%, while Shell fell 1.8%. Spain's Ruishuo Energy and Italy's ENI fell about 2%. France's Total Energy fell 1.6%.

European oil stocks declined during opening trading, and traders feared that Venezuelan oil would flow into an already saturated market. Oil prices had little reaction to US intervention in Venezuela before, but declined after US President Trump said that the Venezuelan interim government would hand over 50 million barrels of crude oil to the US. The prospects for additional supply are exacerbating an already bearish oil market. Brent crude fell 1.1% to $60.01 a barrel, while West Texas Intermediate fell 1.5% to $56.29 a barrel. In the London market, British Petroleum and Harbour Energy declined by about 2.5%, while Shell fell 1.8%. Spain's Ruishuo Energy and Italy's ENI fell about 2%. France's Total Energy fell 1.6%.