Oil prices hold near five-week high

NEW YORK:

Oil prices held near a five-week high on Monday as concerns Iran may reduce exports during a crackdown on the biggest anti-government demonstrations in years offset expectations supplies could rise from Venezuela, another OPEC member under sanctions.

Brent futures rose 8 cents, or 0.1% to $63.42 a barrel, while US WTI crude fell 13 cents, or 0.2%, to $58.99.

On Friday, both crude benchmarks closed at their highest levels since December 5 on worries that Iran, one of the biggest oil producers in OPEC, could reduce exports. Iran said on Monday it is keeping communications open with the US as President Donald Trump weighed responses to a deadly crackdown on nationwide protests. Trump is expected to meet senior advisers on Tuesday to discuss options for Iran, a US official told Reuters.

Venezuela is expected to resume oil exports soon as Trump said last week the government in Caracas is set to hand over 50 million barrels of oil.