MUSCAT : Brent crude futures rose about 0.6% to around $60.34 a barrel, while U.S. West Texas Intermediate crude edged up roughly 0.7% to about $56.36 a barrel in early Asian trading. The uptick followed data from the U.S. Energy Information Administration showing a surprise drawdown of 3.8 million barrels in U.S. crude stocks for the week ended January 2, versus analysts’ forecasts for a build, suggesting stronger demand than expected.

Despite the rebound, both benchmarks had fallen more than 1% in the prior session amid concerns about ample global supply this year, with some analysts warning of a possible surplus of up to 3 million barrels per day in the first half of 2026.

Market watchers said the inventory draw offered a buying opportunity after recent losses, but persistent oversupply worries continue to cap gains.

Investors are also closely watching developments in Venezuela, where the United States has intensified its focus on the country’s vast oil resources. U.S. officials have said Washington must control Venezuela’s oil sales and revenues indefinitely to help stabilise its economy, rebuild the oil sector, and ensure alignment with U.S. strategic interests.

Oil major Chevron is in talks with the U.S. government to expand its licence to operate in Venezuela, a move that could boost crude exports to U.S. refineries and other buyers, according to sources familiar with the negotiations.

In a related geopolitical push, the U.S. seized two oil tankers linked to Venezuela in the Atlantic Ocean earlier this week, including one sailing under Russia’s flag, as part of efforts to influence regional oil flows and pressure Venezuela’s government.

President Donald Trump also announced a deal under which Venezuela will provide up to $2 billion worth of sanctioned crude to the United States, a pact that could require rerouting cargoes initially bound for other markets such as China.