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Oil prices recovered on Thursday as supply concerns emerged following President Trump’s decision to cancel U.S. oil major Chevron’s license to operate in Venezuela.
Brent crude futures rose 71 cents (0.98%) to $73.24 per barrel, while U.S. West Texas Intermediate crude gained 64 cents (0.93%) to $69.26 by mid-morning trading. Despite this rebound, both benchmarks have declined approximately 4.5% this month and had settled at their lowest levels since December 10 in the previous session.
The upward momentum was tempered by developments in Ukraine, where Trump’s involvement in potential peace negotiations could lead to increased Russian oil flows if successful. Ukrainian President Volodymyr Zelenskiy is scheduled to visit Washington on Friday to sign a rare earth minerals agreement, though he emphasized that continued U.S. aid would be crucial for the success of peace talks.
