Light crude oil futures for February delivery on the New York Mercantile Exchange rose $1.00, or 1.74%, to close at $58.32 a barrel by the close of January 5; London Brent crude oil futures for March delivery rose $1.01, or 1.66%, to close at $61.76 a barrel by the close of January 5. The market is evaluating whether the US military action in Venezuela will affect the country's crude oil supply. Venezuela has the world's largest proven oil reserves and is also a member of the Organization of Petroleum Exporting Countries. Changes in its crude oil exports are seen as an important factor affecting international oil prices. Currently, US sanctions against Venezuelan oil tankers are still in effect, and related uncertainties are still affecting market trends.

Light crude oil futures for February delivery on the New York Mercantile Exchange rose $1.00, or 1.74%, to close at $58.32 a barrel by the close of January 5; London Brent crude oil futures for March delivery rose $1.01, or 1.66%, to close at $61.76 a barrel by the close of January 5. The market is evaluating whether the US military action in Venezuela will affect the country's crude oil supply. Venezuela has the world's largest proven oil reserves and is also a member of the Organization of Petroleum Exporting Countries. Changes in its crude oil exports are seen as an important factor affecting international oil prices. Currently, US sanctions against Venezuelan oil tankers are still in effect, and related uncertainties are still affecting market trends.