Oil prices rose due to Trump’s cancellation of Chevron’s Venezuela license, reversing the earlier market decline from high U.S. fuel inventories. The implications of this decision may influence future supply and prices, especially amid ongoing geopolitical uncertainty with Russia and Ukraine.
Oil prices increased for the first time in three days following U.S. President Donald Trump’s decision to revoke Chevron’s operating license in Venezuela. Brent crude futures rose by 24 cents to reach $72.77 per barrel, while U.S. West Texas Intermediate crude futures were up 18 cents, trading at $68.80 per barrel. The stocks dipped the previous day due to elevated U.S. fuel inventories, signaling a possible decrease in demand alongside potential peace discussions between Russia and Ukraine.
In summary, Trump’s revocation of Chevron’s Venezuela license has influenced oil prices positively amid concerns about supply. While U.S. crude stockpiles fell unexpectedly, oversupply fears linger due to rising fuel inventories. The market remains attentive to geopolitical developments and the potential for increased strategic petroleum reserves contributions, impacting future oil price movements and U.S. supply dynamics.
Original Source: clubofmozambique.com
