Oil Prices Rise Again
Oil prices increased on Thursday after two days of decline, supported by a larger-than-expected drop in U.S. crude inventories of 3.8 million barrels, while investors remain watchful of developments in Venezuela.
The prices showed an uptick after the unexpected decline in U.S. crude stockpiles provided some support and encouraged investors, still monitoring the situation in Venezuela, to purchase futures contracts.
Brent crude futures rose by 38 cents, or 0.6%, to $60.34 per barrel by 0104 GMT, while West Texas Intermediate (WTI) crude reached $56.36 per barrel, an increase of 37 cents, or 0.7%.
Both benchmarks fell by over 1% for the second consecutive day on Wednesday amid trader expectations of a global supply surplus this year.
