Oil prices increased due to President Trump’s cancellation of Chevron’s license in Venezuela, which affects their crude exports. Brent rose to $72.77/b and WTI to $68.80/b, reversing a downturn linked to rising US fuel inventories. Market focus remains on potential shifts from ongoing Russia-Ukraine peace talks and US strategic inventory strategies.
Oil prices saw an increase for the first time in three days on February 27, following US President Donald Trump’s announcement to revoke a license previously issued to Chevron for operations in Venezuela. Brent crude oil futures climbed by 24 cents, or 0.33%, reaching $72.77 per barrel, while US West Texas Intermediate (WTI) crude rose by 18 cents, or 0.26%, to $68.80 per barrel. This price surge occurred amidst concerns over supply disruptions in light of the license cancellation.
The announcement by President Trump regarding Chevron holds significant implications for oil supply and pricing, amid ongoing geopolitical tensions. The anticipated impacts include fluctuations in US oil inventories and market speculation surrounding peace talks between Russia and Ukraine. Overall, market dynamics are influenced by both immediate supply concerns and broader geopolitical developments.
Original Source: theedgemalaysia.com
