WASHINGTON (dpa-AFX) - Oil prices were slightly higher on Wednesday after the U.S. barred Chevron from exporting crude oil from Venezuela under a new authorization targeting company's assets in that country.
Overall gains, however, were constrained by expectations of higher production from OPEC+.
Benchmark Brent crude futures edged up by 0.2 percent to $63.8 in early European trade, while WTI crude futures were up 0.1 percent at $60.96.
Reuters reported, citing sources with knowledge of the decision that the Trump administration has issued a narrow authorization for U.S. oil producer Chevron to keep assets in Venezuela, including its stakes in oil joint ventures with state company PDVSA.
Under the new directive, Chevron cannot operate oilfields in Venezuela, export its oil or expand activities.
Concerns over potential new sanctions on Russia and stalled progress in U.S.-Iran nuclear talks also helped prop up crude prices ahead of an OPEC+ decision on supply.
Analysts assign a high probability to another sizeable output increase of 411,000 barrels per day when the group finalizes its July output plans later this week.
Elsewhere, Saudi Arabia is expected to reduce its crude oil prices for Asian buyers due to rising OPEC+ supply and market share competition.
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