WASHINGTON (dpa-AFX) - Oil prices traded higher on Thursday amid supply concerns after the U.S. decided to revoke oil giant Chevron Corporation's license to operate in Venezuela.
Benchmark Brent crude futures rose 0.6 percent to $72.51 a barrel in European trade while WTI crude futures were up half a percent at $68.97 after losing nearly 3 percent over the prior two sessions.
On Wednesday, U.S. President Donald Trump said that he was revoking a license given to Chevron Corporation by the previous Joe Biden administration in return for the release of detained Americans and a promise by Nicolas Maduro, President of Venezuela, to allow fair elections.
'We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolas Maduro,' Trump wrote on his Truth Social platform.
He has accused Maduro of failing to live up to promises as pledged to a U.S. envoy.
With the license revoked, Chevron will no longer be permitted to export Venezuelan crude.
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