US oil prices inched up on Tuesday, buoyed by expectations of tightening global supply amid US sanctions on Venezuela and production cuts led by OPEC.
US West Texas Intermediate (WTI) crude futures were at $54.73 per barrel at 0020 GMT, up 16 cents from their last settlement. They closed down 1.3 percent on Monday, after earlier touching their highest since November 21 at $55.75 a barrel.
International Brent crude oil futures had yet to trade, after closing down 0.4 percent in the previous session.
Analysts said that US sanctions on Venezuela had focused market attention on tighter global supplies. Read more