Oil prices rise to $60.29 on larger-than-expected U.S. inventory draw as Venezuela remains in focus

U.S. crude inventories fell by 3.8 million barrels to 419.1 million barrels in the week ended January 2.

Oil prices edged higher on Thursday after two straight sessions of losses, supported by a larger-than-expected drop in U.S. crude stockpiles, which encouraged investors to step back into futures markets while keeping a close eye on developments in Venezuela.

As of 5:04 GMT, Brent crude futures rose 33 cents, or 0.55 percent, to $60.29 a barrel, while U.S. West Texas Intermediate gained 30 cents, or 0.54 percent, to $56.29 a barrel.