WASHINGTON (dpa-AFX) - Oil ticked higher on Monday as Venezuelan supply disruptions outweighed concerns over a massive oversupply in the new year.
A weaker dollar on expectations for further U.S. interest-rate cuts also offered some support.
Benchmark Brent crude futures rose 0.4 percent to $61.35 a barrel while WTI crude futures were up 0.4 percent at $57.45.
Rising tensons between the United States and Venezuela fuelled concerns about potential supply disruptions.
Last week, the U.S. seized an oil tanker off the coast of the South American country and also announced a series of new sanctions targeting the family of Venezuelan President Nicolas Maduro.
'Nicolas Maduro and his criminal associates in Venezuela are flooding the United States with drugs that are poisoning the American people,' said Secretary of the Treasury Scott Bessent.
Venezuela's foreign ministry said it 'strongly denounces and condemns what constitutes blatant theft and an act of international piracy.'
Ukraine peace talks also remained on investor radar after Volodymyr Zelenskyy offered to drop Ukraine's aspirations to join the Nato military alliance following talks with the United States.
The dollar nursed losses in European trade as focus shifted to upcoming economic data and interest-rate decisions from a slew of central banks, including ECB, BOJ, BOE, Riksbank and Norges Bank.
Key U.S. data due this week includes reports on employment, consumer price inflation and retail sales. Earlier in the day, a slew of weak Chinese data revealed deepening structural weaknesses.
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