Ammon News - Oil prices fell on Tuesday as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude output after the U.S. capture of Nicolas Maduro, the South American country's leader.

Brent crude futures fell $1.06, or 1.7%, to settle at $60.70 a barrel, while U.S. West Texas Intermediate crude fell $1.19, or 2%, to $57.13 a barrel.

Global oil demand likely grew by around 900,000 barrels per day last year, compared to a historical trend rate of 1.2 million bpd, Morgan Stanley analysts said in a note on Tuesday.

Meanwhile, U.S. crude inventories fell last week while fuel stocks rose, market sources said, citing American Petroleum Institute figures on Tuesday. The API figures showed a 2.77 million barrel decline in U.S. crude oil stocks.

Official U.S. government statistics on the country's oil inventories are due at 10:30 a.m. EST on Wednesday. Eight analysts polled by Reuters ahead of the report estimated on average that crude inventories rose by about 500,000 barrels in the week ending January 2.