Brent crude oil futures fell to around $73 per barrel on Friday, trimming gains of over 2% from the previous session, as traders continued to assess supply risks. On Thursday, President Trump revoked Chevron's license to operate in Venezuela, potentially tightening global supply. Chevron exports about 240,000 barrels per day from Venezuela, and halting its operation would disrupt more than a quarter of the country's entire oil output. Trump also affirmed tariffs on Mexico and Canada, including a 10% levy on Canadian energy imports, effective March 4. Meanwhile, investors weighed these factors against potential progress on a Ukraine peace deal, which could increase Russian oil exports. Markets also remained cautious over global growth concerns and Trump's heightened tariffs on China, the world's largest crude importer. For the month, oil is on track for its steepest decline since September.

WTI crude oil futures fell to around $70 per barrel on Friday, trimming gains of over 2% from the previous session, as traders continued to assess supply risks. On Thursday, President Trump revoked Chevron's license to operate in Venezuela, potentially tightening global supply. Chevron exports about 240,000 barrels per day from Venezuela, and halting its operation would disrupt more than a quarter of the country's entire oil output. Trump also affirmed tariffs on Mexico and Canada, including a 10% levy on Canadian energy imports, effective March 4. Meanwhile, investors weighed these factors against potential progress on a Ukraine peace deal, which could increase Russian oil exports. Markets also remained cautious over global growth concerns and Trump's heightened tariffs on China, the world's largest crude importer. For the month, oil is on track for its steepest decline since September

Source: Trading Economi