Oil prices climbed for the first time in three days on Thursday after U.S. President Donald Trump reversed a license allowing Chevron to operate in Venezuela, raising supply concerns.
- Brent crude rose $0.24 (0.33%) to $72.77 per barrel.
- WTI crude increased $0.18 (0.26%) to $68.80 per barrel.
This comes after oil prices hit their lowest since December 10 due to an unexpected rise in U.S. fuel inventories and hopes for a Russia-Ukraine peace deal.
Key Market Drivers
🔹 Chevron Ban Impact – The decision ends Chevron’s ability to export 240,000 barrels per day of Venezuelan crude, over 25% of the country’s total oil output.
🔹 Strategic Petroleum Reserve (SPR) Refill – Trump reiterated plans to refill the SPR, supporting prices as WTI traded near a two-month low.
🔹 Russia-Ukraine Talks – Trump’s peace negotiations with Zelensky remain a focus, with a rare earth minerals deal also on the table.
The Energy Information Administration (EIA) reported a surprise build in gasoline and distillate inventories, hinting at weaker demand. However, Goldman Sachs maintains its $70-85 Brent range forecast, citing U.S. supply growth and market stability.