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Oil prices are on the rise due to tensions in the Middle East and a decline in Venezuela's production
Oil prices rose about 1 percent on Tuesday, buoyed by tensions in the Middle East and fears of further declines in Venezuela's output.
West Texas Intermediate crude futures were $ 62.62 a barrel at 0636 GMT, up 56 cents, or 0.9 percent, from the previous close.
"Tensions between Saudi Arabia and Iran have provided some support for prices," Socrates Vijayakar, energy consultant at Trevkata, said in a note.
The markets also received support from concern about the decline in Venezuela's production.
The International Energy Agency (IEA) said last week it was clear that Venezuela was "vulnerable to a rapid decline" in production and that such a situation could cause a deficit in global markets.
Venezuela's economic crisis has cut the country's production by more than half since the beginning of 2005 to less than 2 million barrels a day.
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