Oil prices rise 1pc on Trump move

Oil prices gained one per cent on Monday as US President Donald Trump said he will impose a 25pc tariff on countries that buy oil and gas from Venezuela. Price gains were capped, however, as the US gave oil producer Chevron until May 27 to wind down its oil operations and exports from Venezuela. Trump had initially given Chevron 30 days from March 4 to wind down that licence. The two moves taken together alleviate some pressure on Chevron while putting more pressure on other consumers of Venezuelan oil, though it is uncertain how the Trump administration will enforce the tariff. Brent crude futures rose 67 cents, or 1pc, to $72.83 a barrel by 1:50 p.m. ET (1750 GMT). US West Texas Intermediate crude was up 66 cents, or 0.95pc, at $68.93.