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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added $1.00 to $58.32 on the New York Merc, while Brent for February added $1.01 to $61.76 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.90 to WTI, down from a discount of $13.50. Natural gas for February lost nine cents to $3.52. The TSX energy index tumbled 11.01 points to close at 294.91.

Oil prices had a roiling start to the first full week of 2026, as traders digested the U.S. capture of Venezuelan leader Nicolas Maduro on Jan. 3. U.S. President Donald Trump has made clear that a central (and familiar) objective of the operation is the control and resurrection of the country's oil sector. Despite sitting on the world's largest crude oil reserves, Venezuela's production has dwindled to about 850,000 barrels a day from a long-ago peak of 3.5 million barrels a day, a consequence of Chavez-era asset seizures and decades of corruption, mismanagement and economic sanctions.

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