Oil prices continue to rise after 3% jump yesterday

Oil prices continued to rise on Friday after jumping more than 3% in the previous session, Report informs referring to trading data.

The price of March Brent crude futures on London's ICE Futures exchange is $62.37 per barrel, up $0.38 (0.61%) from the previous close.

WTI crude futures for February in electronic trading on the New York Mercantile Exchange (NYMEX) rose $0.37 (0.64%) to $58.13 per barrel.

Uncertainty about future supplies from Venezuela is fueling the market's rise.

On Friday, executives from leading US oil companies, including Exxon Mobil Corp. and Chevron Corp., will meet with US President Donald Trump at the White House to discuss prospects for the recovery of Venezuela's oil sector.

In addition, growing unrest in Iran is increasing concerns about the prospects for oil production in that country.