Oil prices rebounded on Thursday as supply concerns resurfaced after U.S. President Donald Trump's revoked a licence granted to U.S. oil major Chevron to operate in Venezuela. Gains were capped, however,

President Trump said Wednesday he was revoking a Biden-era license allowing Chevron to produce oil in Venezuela over what he said was strongman Nicolás Maduro’s failure to assist in deporting migrants.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.