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    04.01.2016 16:48 Oil prices traded mixed

    WTI crude fell on Genscape data after a significant increase earlier. Oil prices climbed on concerns over the situation in the Middle East. The Saudi Arabian government said on Sunday that it had broken off diplomatic ties with Iran. The government has given Iranian diplomats two days to leave Saudi Arabia.

     

    Bahrain and Sudan joined Saudi Arabia and cut ties with Iran.

     

    The United Arab Emirates said that it would downgrade its diplomatic team in Iran.

     

    The situation escalated after Saudi Arabia executed a Shia Muslim cleric.

     

    The research group Genscape said on Monday that crude inventories at the Cushing, Oklahoma declined last week.

     

    WTI crude oil for February delivery declined to $36.63 a barrel on the New York Mercantile Exchange.

     

    Brent crude oil for February climbed to $38.55 a barrel on ICE Futures Europe.


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