Ammon News - 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% in the previous session after U.S. President Donald Trump announced a 25% 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.

Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction. Reuters