Oil prices declined on Wednesday after US President Donald Trump said Venezuela will be "turning over" 30 million to 50 million barrels of sanctioned oil to the United States. US West Texas Intermediate crude (WTI) fell 78 cents, or 1.37%, to $56.35 a barrel by 0200 GMT, while Brent crude futures fell 61 cents, or 1%, to $60.09 a barrel.