Forward look is good27 Feb 2025 15:06
Brent crude oil futures rose above $73 per barrel on Thursday, recovering slightly from a two-month low of $72.53 in the previous session, as supply concerns resurfaced. US President Trump announced he was reversing a license granted by Biden that allowed Chevron to operate in Venezuela, which could tighten global oil supply. Chevron exports about 240,000 barrels per day from Venezuela, and halting its operations will reduce the country's oil output. Additionally, EIA data showed a surprise build in US fuel inventories, with gasoline and distillate stocks increasing while crude oil stockpiles fell unexpectedly. Trump also stated that his administration would rapidly fill the Strategic Petroleum Reserve (SPR), criticizing Biden's use of it to lower gasoline prices. Meanwhile, attention remains on Trump's peace talks with Russia and Ukraine, with the Ukrainian president set to visit Washington to sign a rare earth mineral deal on Friday.