Oil prices rose on news Venezuela has contacted other OPEC members to hold an emergency meeting and that Shell shut down two key pipelines in Nigeria. The reason for shutdown were a leak and theft.

According to The Wall Street Journal, Venezuela has contacted other OPEC members to hold an emergency meeting in coordination with Russia. Russia is not a member of OPEC.

It should be discussed how OPEC could stem a drop in oil prices.

Most OPEC members can't balance their budgets with oil prices at current levels.

The next OPEC meeting is scheduled to be on December 4.

Market participants are awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 2 rigs to 674 last week. It was the fifth consecutive increase.

WTI crude oil for October delivery increased to $44.69 a barrel on the New York Mercantile Exchange.

Brent crude oil for October rose to $50.02 a barrel on ICE Futures Europe.