After hitting a two-month low on Wednesday, crude oil prices reversed course on Thursday after President trump revoked Chevron’s license to operate in Venezuela.
Reuters reported the revocation means Chevron won’t be able to export Venezuelan crude oil. And if Venezuelan oil company PDVSA exports the oil, U.S. refineries will not be able to purchase it because of U.S. sanctions.
West Texas Intermediate crude gained $1.73 or 2.5% to finish the day at $70.35 a barrel no the New York Mercantile Exchange.
Brent crude rose $1.51 or 2.1% and closed at $74.04 a barrel.
Natural gas prices dropped again, falling 2 cents for a 0.45% declilne to $3.94 per MMBtu.
Oklahoma energy stocks continued their rough week with more losses….5% for Expand Energy and 8% for Matrix Service Co.