Oil prices hold near five-week high as investors assess impact of events in Iran and Venezuelan

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 per cent to $63.42 a barrel, while U.S. West Texas Intermediate crude fell 13 cents, or 0.2 per cent, 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 the Organization of the Petroleum Exporting Countries, could reduce exports.

Iran said on Monday it is keeping communications open with the U.S. as President Donald Trump weighed responses to a deadly crackdown on nationwide protests, which pose one of the stiffest challenges to clerical rule since the 1979 Islamic Revolution.

VENEZUELA SET TO RESUME OIL EXPORTS SOON

Venezuela is expected to resume oil exports soon following the ouster of President Nicolas Maduro, as Trump said last week the government in Caracas is set to hand over as much as 50 million barrels of oil subject to Western sanctions to the U.S.

That has set off a race among oil companies to find tankers and prepare operations to ship the crude safely, four sources familiar with the operations said.