Oil prices rise after a three-session fall

Oil drilling rigs

Oil prices rose today, Jan. 8, for the first time in three sessions, following a larger-than-expected drop in US crude oil inventories, as markets monitored developments in Venezuela.

Brent crude was trading up 0.35% at $60.17 a barrel, at 09:06 am Makkah time. West Texas Intermediate (WTI) rose 0.35% to $56.17 a barrel.

The United States seized two Venezuelan-linked oil tankers in the Atlantic Ocean on Wednesday, one of which was flying the Russian flag. With a Russian submarine and ships nearby, the seizure threatened to escalate the confrontation with Russia, which condemned the US actions regarding Venezuela, Reuters reported.

This comes after data from the US Energy Information Administration showed that US oil inventories fell by 3.8 million barrels during the week ended Jan. 2, while expectations had pointed to a decline of 1.2 million barrels.