Oil futures prices rose by 1% on Wednesday following the United States' decision to prevent Chevron from shipping Venezuelan crude, while market participants monitored an upcoming OPEC+ gathering that is expected to decide on increasing oil output.
According to the Wall Street Journal's Tuesday report, the US administration will allow Chevron to retain its assets in Venezuela when its sanctions exemption ends in June, but will restrict the company from importing Venezuelan oil into US territory.
West Texas Intermediate (WTI) for deliveries in July jumped by 1.05% at 6:39 am ET to sell for $61.51 per barrel. A minute later, Brent for settlements in July added 1.01% to go for $64.71 per barrel.
