Oil prices rise on possible U.S. sanction Venezuela

NEW YORK, July 31 (Xinhua) -- Oil prices rose on Monday following news that the U.S. is considering stepping up sanctions against Venezuela.

The West Texas Intermediate for September Delivery added 0.46 dollar to settle at 50.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.13 dollar to close at 52.65 dollars a barrel on the London ICE Futures Exchange.