Oil Rises on Tighter US Supply, Venezuela Sanctions

Oil Rises on Tighter US Supply, Venezuela Sanctions
AP Photo/Ariana Cubillos

Oil prices rose on Wednesday, boosted by U.S. government data that showed signs of tightening supply, as investors remained concerned about supply disruptions following U.S. sanctions on Venezuela's oil industry.

U.S. West Texas Intermediate crude futures ended Wednesday's session up 92 cents, or 1.7 percent, at $54.23 per barrel, its best closing prices since late November.

International Brent crude oil futures were up 43 cents at $61.75 per barrel around 2:30 p.m. ET.

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