Crude oil futures edged higher in early Asian trading, following significant declines in the settlement prices of West Texas Intermediate (WTI) and Brent crude futures on Thursday, suggesting the current uptick may represent a technical rebound.

The front-month WTI crude futures contract rose 0.3% to $59.35 per barrel, while the front-month Brent crude futures contract increased 0.2% to $63.86 per barrel.

The oil market may also be finding support from potential supply disruptions.

U.S. Southern Command confirmed that American forces seized a sixth oil tanker near Venezuela on Thursday morning.

Analysts at ANZ Research noted in a report that this action appears to be part of an embargo enforcement targeting the sale of sanctioned oil.