NEW YORK: Oil prices climbed over 3% on Thursday after two straight days of declines, settling at a two-week high as investors assessed developments in Venezuela and worried about supplies from Russia, Iraq and Iran.
Brent futures rose US$2.03, or 3.4%, to settle at US$61.99 per barrel, while US West Texas Intermediate (WTI) crude gained US$1.77, or 3.2%, to settle at US$57.76.
