Oil extended declines on Wednesday as investors digested statements from President Donald Trump that the U.S. had reached a deal to import up to $2 billion worth of Venezuelan crude, a move that would lift supplies to the world's largest oil consumer.Brent crude futures were down 40 cents, or 0.7%, to trade at $60.31 a barrel by 11:05 a.m. ET (1605 GMT) after falling to $59.