Oil closes higher after volatile session

Oil drilling rigs

Oil prices ended trading today, Jan. 5, higher, after a volatile day as markets assessed the implications of Venezuelan President Nicolas Maduro’s arrest and OPEC+ move to suspend production increases during the first quarter.

Brent crude futures for March delivery rose 1.65%, or $1.01, to $61.76 a barrel, after falling to $59.75 earlier in the session.

WTI crude oil futures for February delivery also increased by 1.75%, or one dollar, to $58.32 a barrel, after touching $56.31.

In a meeting on Jan. 4, the OPEC+ alliance countries renewed their decision to suspend production increases during February and March, while the alliance continues to monitor and assess market conditions.

Reports indicate that White House and State Department officials have informed oil company executives of the need for their swift return to Venezuela and the investment of substantial capital to revive the country's damaged oil sector.

This comes after a precise US military attack in Venezuela on Saturday, which resulted in the abduction of the country's president, Nicolas Maduro, and his transfer to the US to stand trial on charges of supporting drug trafficking and terrorism.