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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $1.73 to $70.35 on the New York Merc, while Brent for April added $1.51 to $74.04 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, down from a discount of $10.60. Natural gas for April lost two cents to $3.93. The TSX energy index lost 1.24 points to close at 262.18.

Oil prices headed higher as U.S. President Donald Trump said he will revoke a Biden-era licence for Chevron to pump and export Venezuelan crude, raising concerns in the oil market about a tightening in global supplies. Chevron had received permission in 2022 to export oil from Venezuela to the United States despite the U.S. sanctions that were then in place, subject to specific conditions being met by Venezuela, such as a free and fair election in 2024. Mr. Trump says Venezuela has failed to meet those conditions (last year's election was neither free nor fair), so the licence is being pulled. The 270,000 barrels a day being exported by Chevron represents about one-quarter of Venezuela's output.

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