Oil Prices Rise as Trump Revokes Chevron’s License for Venezuela Operations

Oil prices increased for the first time in three days as President Trump canceled Chevron’s license to operate in Venezuela, leading to supply concerns. Brent crude rose 0.33% to $72.77, and U.S. West Texas Intermediate climbed 0.26% to $68.80. This follows a previous decline due to rising U.S. fuel inventories and geopolitical developments.

Oil prices experienced a notable increase on Thursday, responding to supply concerns following U.S. President Donald Trump’s announcement to revoke Chevron’s Venezuela operating license. Brent crude futures rose by 24 cents, or 0.33%, reaching $72.77 a barrel. Simultaneously, U.S. West Texas Intermediate crude climbed 18 cents, or 0.26%, to $68.80 a barrel after previously settling at a low since December 10.

In summary, oil prices surged as concerns regarding supply emerged after the revocation of Chevron’s Venezuela license by President Trump. This decision, coupled with the context of U.S. crude stockpiles and ongoing geopolitical factors, underscores the volatility in the oil market.

Original Source: clubofmozambique.com