WASHINGTON (dpa-AFX) - Oil prices rose for a third straight session on Friday as a deepening crisis in Venezuela and the prospects of a regime change in the county outweighed signs of rising U.S. inventories.
Global benchmark Brent crude was up 0.2 percent at $61.20 per barrel while U.S. crude futures were up 0.35 percent at $53.31 per barrel.
A day after U.S. President Donald Trump recognized the Venezuelan opposition leader as the country's head of state, speculation is rife that there will be regime change in the country this year.
If the U.S. imposes sanctions on Venezuela oil exports, it could squeeze global supply and rapidly push up prices.
It is expected that the political turmoil in the country may lead to a near-term shortage of crude for some U.S. refiners.
Crude oil futures ended higher on Thursday despite data showing an increase in U.S. crude inventories.
Data released by the American Petroleum Institute showed a large surprise crude oil inventory build of 6.6 million barrels for the week ending January 18 while analysts expected a decrease of 42,000 barrels.
Separately, the U.S. Energy Information Administration report showed U.S. crude inventories rose by 8 million barrels last week, much higher than forecasts.
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