Crude oil prices drop after Venezuela shake-up

Business Jan 07, 2026

Oil prices took a hit this Wednesday after Venezuela's leader was ousted and the US said the country could sell up to 50 million barrels of oil at market rates.
This move shook global markets, causing oil prices to dip and giving resource stocks a bit of a lift.

What else is happening?

US crude fell 1.1% to $56.48 per barrel, while Brent crude slipped to $60.22.
Asian markets were mixed—Japan's Nikkei dipped slightly, but Australia's ASX 200 got a boost from rising commodities.
Meanwhile, China just banned military-use exports to Japan, adding more tension in the region as everyone waits for key US economic updates that could hint at future Fed rate cuts.