NEW YORK, Jan. 5 (Xinhua) -- Oil prices rose on Monday, as markets weighed the geopolitical shock of a U.S. military operation in Venezuela against persistent concerns over global oversupply.
The West Texas Intermediate for February delivery gained one U.S. dollar, or 1.74 percent, to settle at 58.32 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased by 1.01 dollars, or 1.66 percent, to settle at 61.76 dollars a barrel on the London ICE Futures Exchange.
Market participants are closely monitoring the aftermath of the U.S. raid and the seizure of Venezuelan President Nicolas Maduro.
"The events have turned up the heat on geopolitical risk," said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group, noting that the heightened uncertainty supported Monday's rally.
