Oil Prices Rise After U.S. Inventory Draw, Venezuela in Focus

PUKMEDIA

Oil prices.

Oil prices rose on Thursday, after two days of declines, as a larger-than-expected draw in U.S. crude inventories provided some impetus for investors to buy futures while they monitor developments in Venezuela.

According to Reutres, Brent crude futures climbed 24 cents, or 0.40%, to $60.20 a barrel by 0343 GMT, while U.S. West Texas Intermediate crude was at $56.21 a barrel, up 22 cents, or 0.39%.

Both benchmarks fell more than 1% for a second day on Wednesday with market participants expecting ample global supply this year.



PUKMEDIA