Oil prices ticked higher during Monday's Asian trade, amid heightened geopolitical tensions in the Middle East following the reported ousting of Syrian President Bashar al-Assad.
By 3:15 pm AEDT (4:15 am GMT) Brent crude futures added $0.27, or 0.4% to US$71.39 per barrel, while U.S. West Texas Intermediate (WTI) crude futures added $0.25, or 0.4% to US$67.49 per barrel.
Last week, Brent and WTI crude recorded losses of 2.5% and 1.2%, respectively.
Syrian rebels declared on state television that they had overthrown President Bashar al-Assad on Sunday, effectively ending a five-decade rule by his family. The sudden change raises concerns about further instability in a region already afflicted by conflict.
Meanwhile, Saudi Aramco, the world's leading oil exporter, announced a reduction in January 2025 crude prices for Asian buyers, marking the lowest levels since early 2021.
On the supply front, a rise in the number of operational oil and gas rigs in the United States last week signalled increasing production from the world's largest crude producer, further pressuring prices.
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) also announced last Thursday that oil output hikes would be postponed by three months, now set to commence in April 2025.
