Oil prices rose in the global market on Monday, wiping out the impact of nearly a 4 percent decline recorded last week. The increase was mainly driven by fears of potential supply disruptions amid rising tensions between the United States and Venezuela.
Brent crude futures climbed 25 cents, or 0.4 percent, to $61.37 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.4 percent, to trade at $57.67 per barrel.
Meanwhile, sources said that peace talks between Russia and Ukraine continue to swing between optimism and caution, while tensions between the United States and Venezuela are intensifying, raising concerns about possible disruptions to oil supplies. However, analysts noted that due to the lack of a clear market direction, concerns over excess supply remain strong, and if geopolitical risks do not escalate significantly, WTI crude could fall below $55 per barrel at the start of next year.
