Chevron, US Refiners' Shares Surge After Trump's Move Toward Venezuela Oil
U.S. oil companies' shares rose in premarket trading on Monday as investors bet that President Donald Trump's move against Venezuela's leadership would allow American firms greater access to the world's largest oil reserves.
Shares of Chevron, the only U.S. major currently operating in Venezuela's oil fields, climbed 7.3%, while refiners Phillips 66, Marathon Petroleum, Valero Energy and PBF Energy were up between 5% and 16%.
The gains came after Trump said the U.S. needed "total access" to Venezuela's vast oil reserves following the arrest of President Nicolas Maduro
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