Brent and WTI oil prices decline

Oil prices fell this morning after a report showed a rise in U.S. crude inventories, but global markets remained tense amid an intensifying political crisis in Venezuela, tightening U.S. sanctions on Iran, and ongoing OPEC supply cuts.

Brent crude oil futures were at $71.59 per barrel at 0402 GMT, down 47 cents, or 0.7%, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 60 cents, or 0.9%, at $63.31 per barrel, CNBC reported.