Crude trades up on Chavez threats, supply disruptions

Crude oil was given a boost from remarks by Venezuelan President Hugo Chavez this weekend, who threatened to cut off oil supplies to the U.S. due to Exxon Mobil’s [NYSE:XOM] actions against Venezuelan oil firm Petroleos de Venezuela SA. Exxon is challenging Chavez’s nationalisation of the state oil company. Analysts, however, doubt Chavez will follow through on his threats, according to reports. In addition, supply disruptions around the world have supported oil’s climb today. Pipeline leaks in Nigeria have cut production, and Russian crude exporter Gazprom has threatened to withhold supplies from Ukraine until debts have been settled, reports said.