EOG Resources said on Wednesday that oversupply from Venezuela is driving oil prices down and it would last for several more quarters.
Brent crude futures were down about 0.6% at $60.30 a barrel in the day, while U.S. West Texas Intermediate crude lost about 1% to $56.53 a barrel.
Prices fell as investors reacted to U.S. President Donald Trump’s announcement that the country had reached an agreement to import up to $2 billion worth of Venezuelan crude, a move expected to boost supplies to the world’s largest oil consumer.
The company comments were made at the Goldman Sachs Energy, CleanTech and Utilities Conference in Miami.
(Reporting by Katha Kalia and Pranav Mathur in Bengaluru; Editing by Shilpi Majumdar)