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Oil prices rise for fifth day on supply concerns after Venezuela tariffs [Globe and Mail, The (Toronto, Canada)]

Chevron Corporation (CVX) More Company Research Source: Globe and Mail, The

Last chevron corporation earnings: 5/1 06:45 am Check Earnings Report

US:NYSE Investor Relations: chevron.com/investors

Oil prices rose on Tuesday for a fifth day on concerns global supply will tighten after the U.S. announced tariffs on countries that buy Venezuelan crude. Brent crude futures were up 27 cents to $73.27 a barrel by 0749 GMT. U.S. West Texas Intermediate crude climbed 26 cents to $69.37. Both benchmarks gained more than 1 per cent in the previous session after U.S. President Donald Trump announced a 25 per cent tariff on countries importing oil and gas from Venezuela. Oil is Venezuela’s main export and China, which is already the subject of U.S. tariffs, is its largest buyer. This move could mean a fairly sizable tightening in the global oil balance, ING analysts wrote in a note on Tuesday. They added oil, along with broader risk assets, also benefited from suggestions the Trump administration may take a more targeted approach with reciprocal tariffs the U.S. is set to enact on April 2. “Investors fear Trump’s various tariffs could slow the economy and curb oil demand, but the pros [Read more]

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