Oil prices rise on Venezuela’s turmoil

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Concerns over political stability in Venezuela made oil prices climb higher, Reuters reports on Thursday. Another reason for growing crude oil prices is increasing demand from Asian oil refineries. Still traders remain doubtful about the success of OPEC and non-OPEC agreement which holds back further growth of oil futures.

On Thursday international Brent oil futures were trading at $50.18 per barrel which is $0.20 or 0.4% higher from the last close. WTI futures grew by $0.15 or 0.31% to $49.33 per barrel.

In the United States the futures were supported by a 553,000-barrel draw in crude inventories, but some experts assure that the figures may be misleading.

"The decline of 553,000 barrels last week was centered on the west coast, which is isolated from the rest of the network. Inventories actually increased along the East and Gulf Coasts," ANZ bank said on Thursday.

At the same time traders insists that crude oil prices were held back on remaining doubts that OPEC and non-OPEC members would reach an agreement in the end of November,

"Investors remain uncertain as to whether OPEC can implement the tentative agreement to cut production," ANZ bank said.