Latest Oil Market News and Analysis for January 8

Oil edged higher as traders digested more measures from the US to exert control over Venezuela, including a plan to indefinitely manage future crude sales and the seizure of two more sanctioned tankers.
Brent traded above $60 a barrel after losing 3% over the previous two sessions, while West Texas Intermediate was around $56. Energy Secretary Chris Wright said the US would initially start offering stored crude and then sell Venezuelan supply. The Energy Department said oil was already being marketed.