International crude oil prices closed higher on January 21, supported by optimistic market sentiment due to tightening supplies following the temporary shutdown of two major Kazakh oil fields.

Moreover, Venezuela's persistently low crude exports highlight Petróleos de Venezuela (PDVSA)'s slow progress in fully reversing recent production cuts.

West Texas Intermediate (WTI) crude for March delivery increased by US$0.26 (0.4%), reaching US$60.62 per barrel on the New York Mercantile Exchange. Brent crude for March delivery rose by US$0.32 (0.5%) to US$65.24 per barrel.