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Oil futures opened the year with a modest decline as the continuing Ukraine-Russia war and rising Middle East tensions countered concerns about oversupply.

Focus will be on the oil markets Sunday after the regime change in Venezuela. WTI crude oil futures (CL1:COM) (USO) begin trading on Sunday at 5 p.m. Central Time (CT), according to CME Group. Trading continues through Friday,

As a new oil trading year begins, here's why crude futures continue to trade at or near their lowest levels in five years, despite heightened geopolitical tension.

Oil futures rally on Venezuela uncertainty, eyeing 50-day moving average breakout. Analysts warn surge won’t last—growing inventory and weak demand cap gains.

Oil futures fell Sunday night in the first trading session since the U.S. ousted Venezuelan strongman Nicolás Maduro and President Trump subsequently pledged to dispatch American drillers to revive the country’s crude output.

Refined products also saw gains. The February RBOB contract advanced 3.73cts to $1.7318/gal, while the March contract was up 3.47cts at $1.7538/gal. The February ULSD contract climbed 3.35cts to $2.0902/gal, with the March contract up 3.2cts at $2.0827/gal.

Crude oil fell in early futures trading Sunday evening, while stock index futures started in the green The moves come after the U.S. operation in Venezuela that removed President Nicolás Maduro from Caracas.