Oil edges higher on Venezuela turmoil, but weighed by U.S. crude stock build | Reuters

Oil edges higher on Venezuela turmoil, but weighed by U.S. crude stock build | Reuters:

Oil prices rose on Thursday, boosted by the U.S. threat of sanctions on OPEC member Venezuela, but gains were limited by U.S. data showing record high gasoline inventories and an unexpected big build in crude.

Brent crude futures rose 14 cents to $61.28 a barrel by 12:12 p.m. EST (1712 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 62 cents to $53.24 a barrel.

Washington signaled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil. The threat to reduce supplies supported futures prices.