Muscat: Brent crude futures rose 25 cents, or 0.4 per cent, to $61.37 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.4 per cent, to $57.67 a barrel. The modest rebound follows a steep 4 per cent decline last week, driven by broader concerns over global demand and supply balances.

Market sentiment was supported by growing concerns over potential production disruptions amid escalating tensions between the United States and Venezuela, raising fears of tighter supplies. At the same time, Russia’s state oil and gas revenues are expected to fall by around half year-on-year in December to 410 billion rubles ($5.12 billion), weighed down by lower crude prices and a stronger ruble.

Analysts also noted that a potential peace agreement could lead to higher Russian oil exports, as supplies currently constrained by Western sanctions may return to the market. On the U.S. supply front, energy firms cut the number of active oil and natural gas drilling rigs last week, marking the second reduction in three weeks.