New York: Oil prices rose by more than 1% on Wednesday after the United States banned Chevron from exporting crude oil from Venezuela and amid a production shutdown in Canada, coinciding with markets anticipating increased production from the OPEC+ group.

According to National Iraqi News Agency, Brent crude futures rose 93 cents, or about 1.5%, to $65.02 a barrel, and U.S. West Texas Intermediate crude rose $1, or about 1.6%, to $61.89 a barrel. Prices were affected by the new license issued yesterday by the administration of U.S. President Donald Trump to Chevron, which allows it to retain its assets in Venezuela but prohibits it from exporting oil or expanding its activities.

In a related context, markets are awaiting the outcomes and results of a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.