Reuters | Oil goes up for the fifth consecutive day for concerns about the supply after tariffs to Venezuela

Oil prices rose on Tuesday for the fifth consecutive day in the expectation of a possible restriction of the world supply after the announcement of the United States of tariffs to the countries that buy Venezuelan crude. However, OPEC+ plans to move forward with an increase in production in May limited profits.

Reuters

Brent crude futures rose 46 cents, or 0.6%, $ 73.46 per barrel at 10:23 GMT. The American West Texas (WTI) American (WTI) rose 41 cents, also 0.6%, to $ 69.52.

Both reference indices rose more than 1% on Monday after the US president, Donald Trump, announced a 25% tariff to countries that import oil and gas from Venezuela. Oil is the main export product of Venezuela and China, which is already subject to US tariffs, it is its largest buyer. «The oil was strengthened after the latest Tariff measures from the USA.

The Trump government also extended on Monday the deadline until May 27 so that the American producer Chevron (CVX.N) closes its operations in Venezuela.

The revocation of Chevron’s operation license could reduce production in the country in about 200,000 barrels per day, according to Anz analysts.

Meanwhile, the OPEC+, the organization of oil exporting countries and its allies, including Russia, will probably maintain its plan to increase oil production for the second consecutive month in May, according to four sources to Reuters, in a context of stable oil prices and plans to force some members to reduce pumping to compensate for the previous overproduction.

Last week, USA imposed new sanctions aimed at affecting Iranian oil exports.

Trump also said that tariffs will soon be applied to cars, although he indicated that not all the levies he threatened would be imposed on April 2 and that some countries could obtain exemptions, a decision that Wall Street took as a sign of flexibility in an issue that has stirred the markets for weeks.