US oil prices inched up on Tuesday, buoyed by expectations of tightening global supply due to US sanctions on Venezuela and production cuts led by OPEC. US West Texas Intermediate (WTI) crude futures were at $54.77 per barrel at 0223 GMT, up 21 cents or 0.4 per cent. They closed down 1.3 per cent on Monday, after earlier touching their highest since November 21 at $55.75 a barrel.
