Oil rises for fifth day on supply concerns after Venezuela tariffs

Bangkok Post Group

Oil prices rose on Tuesday for a fifth day on expectations that global supply may tighten after the U.S. announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains. - REUTERS

Transcript

00:00Oil prices in Europe and the U.S. rose on Tuesday for a fifth straight day on

00:05expectations that global supply may tighten. This comes after the U.S.

00:10announced tariffs on countries that buy Venezuelan crude, though gains were

00:14limited as producers in the OPEC Plus group indicated they planned to go ahead

00:19with an output hike in May. On Monday, President Donald Trump announced a 25%

00:25tariff on countries importing oil and gas from Venezuela. Oil is Venezuela's

00:30main export and China, which is already the subject of U.S. tariffs, is its

00:35largest buyer. The Trump administration also on Monday extended a deadline to

00:40May 27th for U.S. producer Chevron to wind down operations in Venezuela. Last

00:47week, the U.S. issued new sanctions intended to hit Iranian oil exports.

00:51Trump also said tariffs on imported cars are coming soon, even if he

00:57indicated that not all of his threatened levies would be imposed on April 2nd.

01:01He also said some countries may get breaks, a move Wall Street took as a sign of

01:06flexibility on a matter that has roiled markets for weeks.

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