India, March 24 -- Oil prices climbed higher on Monday after U.S. President Donald Trump announced a 25% secondary tariff on countries purchasing oil or gas from Venezuela.
The U.S. gave oil producer Chevron until the end of May to wind down its oil operations and exports from Venezuela. Trump had initially given Chevron 30 days from March 4 to wind down that license.
Optimism about increased demand for oil contributed as well to the rise in the commodity's prices.
West Texas Interemdiate Crude oil futures for May settled higher by $0.83 or about 1.22% at $69.11 a barrel.
Brent crude futures were up $0.89 or about 1.25% at $72.50 a barrel a little while ago.
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