(Bloomberg) — Oil held a run positive aspects after President Donald Trump threatened to punish any nation buying crude from Venezuela, elevating considerations over the potential for tightening world provide.
West Texas Intermediate traded above $69 a barrel after rising 1.2% on Monday, whereas Brent closed at $73. Trump vowed a 25% levy on patrons of the South American nation’s oil and fuel that may go into impact on April 2, which may crimp provide for a raft of refiners from China, India, Spain to the US.
Trump’s commerce insurance policies and retaliatory measures have led to elevated volatility throughout world markets, with benchmark oil futures down greater than 10% since hitting this 12 months’s peak in mid-January. The Venezuela tariff would coincide with different so-called reciprocal levies deliberate by the US.
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