Oil rises slightly as market weighs supply risks

Oil prices rose slightly on Friday after the US put greater economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of the government in Abuja. Brent crude futures rose 6 cents, or 0.1%, to $62.30 per barrel at 0456 GMT. US West Texas Intermediate (WTI) crude was also up 6 cents at $58.41. Both Venezuela and Nigeria are major oil producers. While Nigeria’s oilfields are mainly located in the south of the country, the airstrikes added to geopolitical risks. The White House ordered its military forces to focus on a “quarantine” of Venezuelan oil for at least the next two months, indicating Washington is currently more interested in using economic rather than military means to pressure Caracas.