Oil prices rose on Monday, partially offsetting last week’s 4% decline, as tensions in Venezuela escalated.
US West Texas Intermediate crude oil was up 23 cents, or 0.4%, at $57.67 a barrel, while Brent crude futures rose 25 cents, or 0.4%, to $61.37 a barrel.
However, with no clear direction in the markets, concerns about oversupply remain strong, and unless geopolitical risks escalate sharply, WTI prices could fall below $55 early next year.
Russia’s oil production, currently under sanctions by Western countries, could eventually increase as a result of a potential peace agreement.
