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
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
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
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Oil rises for fifth day on supply concerns after Venezuela tariffs
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Oil rises for fifth day on supply concerns after Venezuela tariffs
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
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