Mumbai, Jan. 8 -- WTI crude oil futures traded above $56 per barrel on Thursday, recovering from a two-day decline as falling US inventories and geopolitical developments lent support. EIA data showed US crude stockpiles dropped by 3.8 million barrels last week, highlighting tighter near-term supply. Market focus also remained on US actions targeting Venezuelan crude, with Washington outlining plans to oversee long-term oil sales and stepping up sanctions enforcement through additional tanker seizures. These moves kept supply risks in focus. However, gains were limited by a steady US dollar, with the dollar index hovering near 98.5 after two consecutive sessions of gains amid mixed US economic data. In the domestic market, MCX January crude...