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    05.01.2016 06:39 Oil prices climbed

    West Texas Intermediate futures for February delivery climbed to $36.89 ( 0.35%), while Brent crude advanced to $37.35 ( 0.35%). Price increases continued to be driven by tensions between two major oil producers Saudi Arabia and Iran. However the global supply glut remained in place keeping lid on gains. In fact, some analysts believe that the conflict will only intensify the oversupply issue as now Saudi Arabia and Iran are even less likely to co-operate in order to support oil prices. Meanwhile Iran is preparing to raise supplies.

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