Oil prices edged marginally higher on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.
Brent crude was up 36 cents or 0.6 per cent to $60.04 per barrel and the US West Texas Intermediate (WTI) crude climbed 52 cents or 0.9 per cent to $56.46 per barrel.
Market analysts noted that crude futures are trying to find support from the Venezuelan oil export blockade, which if it continues will likely cause production in the area to be shut in with no destinations to ship out to.