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Crude oil futures settle higher after US barred Chevron from exporting Venezuelan crude

29 May 2025 Evaluate

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.