Oil prices are under pressure, and recent customs data reveal that crude imports into China were up 7.3% in 2020.
The U.S. Dollar Index which tracks the greenback against a basket of major currencies inched up 0.05% to 90.4020.
Oil traders are now weighing the ever-rising number of COVID-19 cases and the impact on global energy demand.
Both major benchmarks traded above the $50 mark and are trading at their highest levels since February 2020.
Brent crude futures traded at $55.59 a barrel and West Texas Intermediate futures was around $52.22 a barrel.
Spot gold dropped as much as 0.7% to $1,836.30 an ounce at the Asian trading session
Brent crude futures gained 0.63% to trade at $54.72 a barrel while the WTI futures rallied by 0.61% to trade at $51.14 a barrel.
Oil traders are staying long amid reports showing supporters of President Trump storming the U.S. Capitol.
Gold futures dropped about 0.33% to trade at $1,947.
The Dow Jones Industrial Average plunged by 1.3%, closing with 30,223.89 and dropping about 700 index points at one point.
