Oil price rises despite fears US president’s pledge could deepen global supply glut
US energy stocks rose on Monday, after Donald Trump promised to unlock Venezuela’s vast crude oil reserves following the US capture of the country’s president, Nicolás Maduro.
Shares in Chevron, which already operates in Venezuela under a special licence provided by the Trump administration, rose 4% when Wall Street opened. Exxon Mobil was up 1.6%, while Halliburton, which provides products and services to the oil and gas sector, jumped 7%.
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