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Oil drops after Trump says Venezuelan oil will be sent to United States
Oil prices fell on Wednesday, after U.S. president Donald Trump announced that Venezuela would "turn over" between 30 and 50 million barrels sanctioned oil from the United States. U.S. West Texas?Intermediate Crude (WTI), fell by 78 cents or 1.37% to $56.35 per barrel at 0200 GMT. Brent crude futures dropped by 61 cents or 1% to $60.09 per barrel. The market has weighed the expectations that global crude supply will be ample this year with the uncertainty surrounding Venezuelan crude production after the U.S. captured the country's president, Nicolas Maduro. "This Oil will Be Sold at Market Price.?And that Money Will Be Controlled By Me, As President of the United States of America. To Ensure It Is Used For The Benefit Of The?People of Venezuela and United States!" Trump made the statement in a post on social media Tuesday. Tina Teng said that Trump's tweet shows he prefers to increase supply over limit it. This is a concern about the global market being oversupplied. Two sources said earlier Tuesday that the deal Caracas reached with Washington could require a first reallocation of?cargoes originally destined for China. Venezuela is selling its Merey crude at around $22 below Brent per barrel for delivery at Venezuelan ports. This deal could be worth up to $1.9 Billion. Chevron, PDVSA’s main joint-venture partner, controls the flow of oil under an American authorisation. Chevron is the only company to have been able to load and ship crude oil from Venezuela without interruption in the last few weeks, despite the blockade. Analyst at Haitong Futures, Yang An, said that Venezuela's oil exports into the United States have disrupted first the U.S. markets, and will also increase the global oversupply. Haitong Futures stated in a recent report that complex geopolitical changes captured the attention of many in early 2018. This led to many overlooking?weaknesses in the physical crude market due to oversupply. Haitong Futures said that Middle Eastern crude oil prices continue to decline, and have become the weakest segment of cross-regional pricing. This has dampened investor's willingness to chase gains. Morgan Stanley analysts predicted that the oil market would reach a surplus as high as 3,000,000 barrels per day during the first half 2026. This was based on the weak growth?in the demand of last year, and the rising supply of OPEC and Non-OPEC producers. Market sources cited American Petroleum Institute figures on Tuesday to say that U.S. crude oil inventories dropped last week, while fuel stock rose. API figures show a decline of 2.77 million barrels in U.S. crude stock. The official U.S. Government statistics on the country’s oil inventory are due on Wednesday at 10:30 am EST (1530 GMT). Eight analysts polled ahead of the report estimated that crude inventories increased by an average of about 500,000 barrels during the week ending January 2nd.
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As global tensions rise, crude oil prices plunge and Asian stocks fall.
Crude futures fell and resource shares rose in Asian trading, as the?markets digested the political turmoil in Venezuela and its fate with regard to its petroleum reserves. Oil prices continue to'slide' after U.S. president Donald Trump announced that Venezuela would "turn over" 50 million barrels to be sold at market value following the toppling of its leader. Japanese shares led to a decline in regional equity benchmarks while commodity shares rose after a surge overnight in industrial metals. Dollar gains were made as geopolitical tensions erupted from South America through to China. Investors waited for data coming out of the United States in order to get clues on the timing of any interest rate reductions by the Federal Reserve. Michael McCarthy, CEO Moomoo Australia & New Zealand's investment platform, stated that the most likely outcome of the turmoil in Venezuela is an?boost for the global economy due to this oil. "Of course, it's a negative for oil prices themselves. But energy costs are crucial to your global economy outlook." He added that "the flip side of this is the increased uncertainty in the geopolitical outlook could overwhelm any positive economic benefit." U.S. crude dropped 1.1%, to $56.48 per barrel. Brent was down to $60.22 a barrel on the same day. MSCI's broadest Asia-Pacific share index outside Japan fell 0.2%. Japan's Nikkei stock index slid 0.25%. The S&P/ASX 200 Index in Australia, heavily weighed by commodity producers, rose 0.3%. Caracas has reached an agreement with Washington to export Venezuelan crude worth up to $2 billion to the United States. Trump announced this on Tuesday. The agreement follows a weekend attack on Venezuela and comments from the White House that said the U.S. is looking at options for acquiring Greenland, with the U.S. using its military to achieve that goal "always an alternative". The dollar index (which measures the greenback versus a basket currencies) was unchanged at 98.60, after a 0.2% rise on Tuesday. The euro remained at $1.169 while the yen fell 0.05%, to 156.73 yen per dollar. The Tokyo stock market was weighed down by China's announcement that it would ban the export of dual-use products to Japan, which can be used to serve military purposes. This is Beijing's response to comments made by Japanese Prime Minister Sanae Takayichi?about Taiwan. The benchmarks for U.S. shares have risen to record levels despite the global tensions. Copper reached a new record in the previous session, while nickel jumped by more than 10%. Supply concerns fueled gains in these key industrial resources. The market is currently pricing in two more Fed rate reductions this year, but the U.S. employment report due on Friday could influence their expectations. ADP's private payrolls and the JOLTS survey are due on Wednesday. Data from the Asian trading session showed that core inflation in Australia slowed a little and consumer prices increased less than expected. In Japan, a private sector survey showed that the service sector expanded at its lowest pace since May. Spot gold dropped 0.6% to $4.469.04 per ounce. Copper fell 0.1% to $13,111.50 per tonne. Early European trading saw the Euro Stoxx 50 futures up 0.1% to 5,959. German DAX futures up 0.2% to 25,099 and FTSE Futures down 0.24% to 10,123.5. The S&P500 e-minis for U.S. stocks, which are the futures of U.S. stocks, were unchanged at 6,987.5. Bitcoin fell 0.8%, to $92,499.05. Ether declined 0.5%, to $3,257.66. (Reporting and editing by Christopher Cushing in Tokyo, Rocky Swift)
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Sources say that Thyssenkrupp is considering a phased sale to Jindal Steel International of TKSE.
Four people familiar with the discussions said that Germany's Thyssenkrupp might sell its steel division in several stages to India's Jindal Steel International, as both sides attempt to reach a deal for this complex business. Jindal Steel is conducting due diligence on Thyssenkrupp Steel Europe (TKSE) after submitting an indicative bid to acquire Europe's second largest steelmaker. Thyssenkrupp needs to focus on becoming leaner by acquiring the deal. The people who spoke to us said that Jindal would take a majority share in TKSE in a first move, most likely 60%. The remaining 40% could be acquired in two 20% tranches, or all at once, depending on the progress of restructuring. One person said that a phased transaction could give Thyssenkrupp greater flexibility in addressing the 2.5 billion euro ($2.9 billion) pension liabilities associated with TKSE – a major obstacle in 'previous sales attempts. The details of a possible gradual takeover and its impact on the debt obligations were not previously reported. The people stated that due diligence was ongoing and the terms may still change. JINDAL STEEL ?DELEGATION SET FOR JANUARY VISIT ?TO GERMANY The sale of TKSE will end years of trying to find a buyer. This asset, which is central to Germany's industry heritage, was volatile and expensive to operate in the face of tougher Asian competition. Jindal Steel International (the international steel arm of Naveen Jindal Group) would be able to expand into Europe, after purchasing smaller Czech competitor Vitkovice Steel in 2024. Thyssenkrupp stated in a press release that during the due diligence process and any contract negotiations, all aspects of the deal - such as valuation, obligations, and future investments – would be discussed. It said: "We can't comment on individual statements at this time, as they are only interim in nature." Jindal Steel International ?had no immediate comment. After a December trip had been postponed, a second source confirmed that a Jindal delegaion was to visit Germany for a technical inspection of?TKSE’s Duisburg facility in January. Third source: A phased takeover?would also keep Thyssenkrupp in the TKSE restructuring. Thyssenkrupp's CEO Miguel Lopez stated last month that Jindal Steel would be a good fit for TKSE. He added that a sweeping restructuring to reduce jobs and capacity was what prompted the Indian group’s interest. Lopez, without providing details, said that Thyssenkrupp had a backup plan in case the talks with Jindal Steel International failed.
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Berkshire Hathaway increases new CEO Abel’s salary to $25 Million
Berkshire Hathaway announced on Tuesday that it had raised the salary for?new chief executive Greg Abel, to $25 million. This is a far greater salary than the $100,000 per year salary that his predecessor Warren Buffett received for over four decades. Abel, who is 63 years old, was appointed chief executive of Berkshire on January 1 after eight years in the role of vice chairman, overseeing Berkshire’s non-insurance business. Buffett set his compensation during this period. It included a $21 million salary in 2020, a $ 20 million salary in 2030, and a $15 million salary plus a bonus of $3 million in 2022. Buffett gave Vice Chairman Ajit Jain, who oversees Berkshire Insurance's businesses, the same amounts between?2022 and 2024. The compensation of Abel and Jain for 2025 is not known. Buffett, 95 years old, has been running Omaha-based Berkshire, Berkshire, for over 60 years. He turned it into a conglomerate worth more than $1 trillion, with over?200 companies, including Geico auto insurance, BNSF railroad, and a variety of?insurances, energy, manufacturing, and retail operations. Buffett is still the chairman of Berkshire and one of the richest men in the world. Berkshire said that during his tenure, its executive compensation program was "different" than that of most public companies. Abel owns approximately $171 million in Berkshire stock. In 2022, he sold his 1% share in Berkshire Hathaway Energy to Berkshire Hathaway for $870 millions.
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Dollar edged up slightly as investors awaited economic news
The Dow Jones Industrial Average, European shares and other major stock indexes rose to record highs on the Tuesday while the dollar grew as investors focused their attention on important market data that could gauge Federal Reserve policy. Investors weighed the uncertainty surrounding Venezuelan crude production against expectations of an 'ample global supply' this year. Maria Corina Machado has promised to return to Venezuela as soon as possible, hailing U.S. president Donald Trump for toppling Nicolas Maduro and declaring that her movement is ready to win an election free of corruption. The White House announced on Tuesday that Trump, his team and other officials are discussing the options to acquire Greenland. The use of U.S. forces in achieving this goal is always an option. "The market's response to the geopolitical?situation in Venezuela was well taken. But (reports) that the White House thought about taking Greenland by force... could cause some roadblocks," said Peter Cardillo. The momentum in the market continues to grow. He said it was largely due to a January effect, which is a pattern of early-year stock buying. He added that if the labor data this week are weaker than expected it could increase expectations of U.S. interest rate cuts. Stock Indices Climb Chip stocks on Wall Street rose as artificial intelligence optimism returned. Exxon Mobil shares fell 3.4% on the day. Investors bet that Washington would allow U.S. companies access to Venezuelan oil reserves after the raid in Venezuela on Monday. Trump's administration will meet with executives of oil companies to discuss increasing production in Venezuela later this week. The Dow Jones Industrial Average increased 484.90 points or 0.99% to 49,462.08, while the S&P 500 gained 42.77 points or 0.62% to 6,944.82, and the Nasdaq Composite advanced 151.35 or 0.65% to 23,547.17. The MSCI index of global stocks was up 7.13 points or 0.69% at 1,035.15, and hit a new high during the session. The pan-European STOXX 600 index finished up 0.58%, and reached a new record high. The indexes of Germany and Spain reached record highs as investors were confident about the economy despite increasing geopolitical tensions. The dollar index (which measures the greenback in relation to a basket?of currencies including the yen, the euro and others) rose by 0.17%, reaching 98.56. U.S. ECONOMIC DATA TO SET MARKET TONE Markets were buoyed by expectations of U.S. rate cuts. The market was focused on the U.S. employment report due Friday. This will affect the monetary policy expectations of the market. According to LSEG, financial markets are pricing two Fed rate reductions this year. Fed Governor Stephen Miran's term as the U.S. Central Bank ends this month. He said that aggressive interest rate reductions are necessary to keep the U.S. economy moving. The yield on the benchmark U.S. 10 year notes increased 1.2 basis points from 4.163% at late Monday. U.S. crude oil fell $1.19, settling at $57.13 per barrel. Brent crude dropped $1.06, settling at $60.70. Gold fell slightly in the last session after a sharp rise in the previous session. Spot gold dropped 0.12% to $4491.77 per ounce. Nickel jumped more than 9% and copper jumped to a new all-time peak, as concerns about supply fueled a rally early in the year for industrial metals.
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Investors await economic news to see if stocks will rise or dollar edge up.
The dollar edged up as investors focused their attention on important market data that will be released later this week to help gauge Federal Reserve policy. Oil ?prices declined. Investors were monitoring developments in Venezuela. Maria Corina Machado has promised to return to Venezuela quickly. She praised U.S. president Donald Trump for toppling Nicolas Maduro and declared her movement prepared to win a fair election. Trump's administration will meet with executives of oil companies this week to discuss increasing production in Venezuela. There's a great deal of retooling needed to prepare these downstream producers for this crude oil. It is possible - and it will probably be. Mark Malek is chief investment officer of Siebert Financial. He said that the biggest questions are how long it will take to invest, how much money, and who will make this investment. Stock Indices Climb Investors were betting that Washington would allow U.S. companies access to Venezuelan oil reserves. The Dow reached a new record, and?chip stocks rose due to renewed optimism about artificial intelligence. The Dow Jones Industrial Average rose by 526.20, or 1.07 percent, to 49.503.38, while the S&P 500 gained 45.15, or 0.65% to 6,947.20, and the Nasdaq Composite increased by 147.73, or 0.63% to 23,543.50. The MSCI index of global stocks rose by 7.36 points or 0.72% to 1,035.38. The STOXX 600 pan-European index finished up by 0.58%. Investors remain confident about the economy despite increasing geopolitical tensions. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) rose by 0.17%, reaching 98.56. U.S. ECONOMIC DATA TO SET MARKET TONE Expectations of U.S. rate cuts drove the positive mood on the?markets. The traders were focusing on the U.S. employment report due Friday. This will affect market expectations for monetary policy. According to LSEG, financial markets are pricing two Fed rate reductions this year. The yield on the benchmark U.S. 10-year note rose 1.2 basis point to 4,175% from 4,163% on Monday. U.S. crude oil fell $1.19, settling at $57.13 per barrel. Brent oil declined $1.06, settling at $60.70. Gold prices rose on Tuesday as demand for safe-haven assets boosted the price. After a near 3% rise in the previous session, spot gold increased by 0.86% to $4,486.57 per ounce. Nickel jumped more than 9% and copper soared above its 18-month high as concerns about supply fueled a rally early in the year for industrial metals.
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Brazil's trade surplus will be higher in 2026 than its own projections, after exceeding them last year
The Ministry of Development Industry Trade and Services announced on Tuesday that Brazil is expecting a trade surplus between $70 billion and $90 billion by?2026. Last year's results exceeded government expectations. Latin America's biggest economy posted a $68.3-billion surplus in 2025. This is down from $74.2-billion in 2024, as imports increased faster than exports. This shows the resilience of the economy, despite high borrowing rates to control inflation. The surplus was higher than the most recent estimate of $61 billion by the Ministry. It followed a December surplus of $9.6 Billion. Vice President Geraldo Alckmin said at a press briefing that he was "optimistic" about the growth of foreign trade, even if there were greater geopolitical instabilities. BRAZIL HOPEFUL FOR TRADE DEALS Alckmin who is also the head of the ministry said that the 'government' remains hopeful about concluding a deal between Mercosur, the South American block, and the European Union. He added that he expects Mercosur to seal a free-trade agreement with the United Arab Emirates. Brazil is aiming to extend preferential tariffs with India, Mexico and Canada. Imports increased 6.7% last year while exports rose by 3.5%. This was despite the fact that U.S. tariffs were imposed on several products, which were later partially reversed. Alckmin also said that Brazil expects to progress talks with the U.S., and address non-tariff concerns involving rare Earths, big technology and data centers. He said that Brazil had abundant renewable energy. Alckmin was asked about the impact of Venezuelan oil production following the capture by the U.S. of Venezuela's president. He acknowledged that oil is Brazil's number one export but said any market effects would not be immediately. He said that although Venezuela has large oil deposits, it is not possible to achieve anything overnight. "Investment is required," he added. By the Numbers Brazilian export gains in 2025 were largely driven by increased shipments of beef, soybeans, corn, and coffee, which offset annual declines for crude oil?and iron ore due to falling commodity prices. China remains Brazil's largest trading partner. Exports to China increased by 6%, reaching $100 billion. This represents nearly 30% of Brazil's total sales overseas. Brazilian exports to the United States fell 6.6%, to $37.7billion. (Reporting and editing by Franklin Paul, Matthew Lewis and Rod Nickel in Brasilia)
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As geopolitical risk increases, gold prices are on the verge of a record high.
Gold extended gains on Tuesday, boosted by demand for safe-haven assets after the 'U.S. The?capture' of Venezuela's President fueled global tensions. Investors awaited U.S. Payroll data to gain insight into the Federal Reserve interest rate policy. By 01:40 pm, spot gold had risen 0.8% to $4,485.39 an ounce. ET (1840 GMT), following a nearly 3-percent gain in the previous day, prices are now closer to the record high $4,549.71 set on December 24. U.S. Gold Futures for February Delivery settled?1% higher, at $4496.010. Jim Wyckoff is a senior analyst with Kitco Metals. He said that precious metals traders are more concerned about the future than bond and stock traders. The weekend U.S. attack on Venezuela has also fueled the demand for safe havens like gold and silver. After the U.S. had seized Maduro and taken him to New York at the weekend, the ousted Venezuelan president pleaded 'not guilty' to charges of narcotics. The gold price, which is considered to be a safe haven by many, rose 64.4% in the last year. This was its best performance since 1979. The market participants will also be looking at Friday's U.S. employment report. It is expected to show that 60,000 new jobs were added in December, a slight decrease from the 64,000 created in November. According to LSEG, traders are pricing in at least two Federal Reserve rate reductions this year. Tom Barkin, the Richmond Fed president, said that future rate changes need to be "finely-tuned" in order to balance both unemployment and inflation risks. Low interest rates tend to be beneficial for non-yielding metals. Morgan Stanley predicted that gold prices would surge to $4800 by the fourth quarter of this calendar year. They cited falling interest rates, changes in Federal Reserve leadership, and central bank and funds purchases. Spot silver, whose all-time record high was $83.62 per ounce on December 29, gained 5.4%, to $80.68. Silver's annual gain was 147% in 2025. This was due to a rise in industrial demand and investor interest. Palladium was 5.9% higher, at $1,821.68 an ounce. Spot platinum rose 7.2% to $2,435.20. (Reporting and editing by Joe Bavier, Vijay Kishore, and Anmol Choubey from Bengaluru)
Chevron and US refiners' stocks surge after Trump's move towards Venezuela oil
Investors bet on President Donald Trump's decision to take action against Venezuela's government, believing that it would give American companies greater access the world's largest oil reserve.
Shares of Chevron - the only U.S.'major' currently operating in Venezuelan oil fields - climbed 7.3%. Meanwhile, refiners Phillips 66 and Marathon Petroleum, Valero Energy, PBF Energy, and Valero Energy all saw gains between 5% to 16%.
After President Nicolas Maduro was arrested, Trump stated that the U.S. required "total" access to Venezuela's vast reserves of oil. This heightened expectations in Washington regarding the possibility of easing restrictions on Venezuelan crude exports.
Trump stated on Saturday that he would have the largest oil companies in the world spend billions to fix infrastructure and oil infrastructure which are badly damaged.
In the 1970s Venezuela produced as much as 3.5 millions?barrels of oil per day, which was more than 7% global output.
After years of sanctions and underinvestment, production fell below 2 million barrels per day in the 2010s. Last year, it averaged around 1.1 million barrels per day, or about 1% of global supplies.
Venezuelan crude oil is a heavy sour, with a high sulfur content. It can be used to produce diesel and heavier fuels. However, the margins are lower than other grades, especially those from the Middle East.
Ahmad Assiri is a research strategist for Pepperstone. He said, "This type crude oil aligns well with the configuration of U.S. Gulf Coast refining plants which have historically been designed to process this grade."
Chevron is already present in Venezuela, under a U.S. waiver. This has allowed it to be a beneficiary of any shifts in policy. Refiners will also benefit from the increased availability of heavy oil closer to their home.
Analysts cautioned, however, that a meaningful recovery of Venezuelan oil production will likely take some time due to political uncertainty, infrastructure decay, and years underinvestment. (Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)
(source: Reuters)