Oil prices rise after Saudi Arabia cuts ties with Iran

01 January 2016, Lagos – Oil prices rose Monday on Middle East supply risks after Saudi Arabia cut diplomatic ties with Iran.

crude oil prices1At about 1230 GMT, US benchmark West Texas Intermediate for delivery in February climbed 30 cents to $37.34 a barrel.

Brent North Sea crude for February won 59 cents to stand at $37.87 a barrel compared with Thursday’s close.

Mike van Dulken, head of research at Accendo Markets, noted that “geopolitical tensions in the Middle East are adding to existing volatility in the price of oil”.

 

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