Oil gains after Trump cancels Chevron's Venezuela license

The Venezuela news triggered unwinding after the recent sell-off amid Russian-Ukraine ceasefire talks,

said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities

Since this is a seasonal off-peak period, with demand shifting from kerosene to gasoline, the sell-off driven by rising product inventories has likely run its course,

NS Trading's Kikukawa said

Potential buying from the U.S. Strategic Petroleum Reserve also supported the market since WTI was trading near its lowest level in over two months,

he said

We are aware of today's announcement and are considering its implications,

Chevron spokesperson Bill Turenne said in a statement

This is a huge step, and it sends a clear, clear, firm message that Maduro is in huge trouble,

she said

Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by the U.S. government,

spokesman Bill Turenne said in a statement

We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement,

Trump wrote