The lack of disruptions in oil supply is offsetting the support for current prices due to geopolitical tensions in the Middle East, said UBS analyst Giovanni Staunovo, adding that trading was weak and within a narrow range, typical of holiday periods.

Danish shipping company Maersk is preparing to resume maritime operations in the Red Sea and the Gulf of Aden, as announced on Sunday, citing the deployment of a U.S.-led military operation aimed at ensuring the security of trade in the region. This comes after a temporary suspension of their routes in the Red Sea.

The price of the WTI crude oil contract traded on Nymex (CCOM:OILCRUDE) for February delivery was up 2.52%, priced at $75.42 per barrel. Meanwhile, the price of the Brent crude contract (CCOM:OILBRENT) traded on the ICE platform for February delivery increased by 2.28%, priced at $80.88 per barrel.