Crude oil futures settled higher on Wednesday after the US barred Chevron from exporting crude oil from Venezuela under a new authorization targeting company's assets in that country. However, gains remained constrained amid expectations of higher production from OPEC+. Besides, Saudi Arabia is expected to reduce its crude oil prices for Asian buyers due to rising OPEC+ supply and market share competition.
Benchmark crude oil futures for July surged $0.95 or 1.56% at $61.84 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.81 or 1.26% to settle at $64.90 a barrel on London's Intercontinental Exchange.