Oil prices rose slightly after President Trump rescinded Chevron’s license for Venezuela operations, potentially tightening global oil supplies. Brent crude reached $72.72 per barrel while WTI climbed to $68.78. This move, alongside other market factors, is influencing market sentiments and pricing forecasts for oil.
Oil prices experienced a modest increase on Thursday following U.S. President Donald Trump’s decision to revoke a significant permit for Chevron to operate in Venezuela. This action could constrict global crude supplies, as Chevron’s operations accounted for over 25% of Venezuela’s total oil output. Brent crude futures rose by $0.19, reaching $72.72 per barrel, while West Texas Intermediate (WTI) crude increased by $0.16 to $68.78 per barrel.
In summary, President Trump’s revocation of Chevron’s license to operate in Venezuela has contributed to a rebound in oil prices from their two-month lows. Market dynamics continue to be influenced by geopolitical factors, changes in U.S. inventory levels, and ongoing discussions concerning peace in the Russia-Ukraine conflict. Analysts remain cautiously optimistic regarding future price stability amid fluctuations in supply and demand.
Original Source: www.emirates247.com
