Oil prices gain amid geopolitical tensions

New York, Jan 1 (IANS) Oil prices moved up Thursday amid rising geopolitical tensions in Middle East.

Oil prices were dragged down recently by the global supply glut. The OPEC on December 4 decided to keep crude production pumping at the current level in the already over supplied market.

Thanks to the US shale oil revolution, American oil production has almost doubled in the past six years.

The West Texas Intermediate for February delivery moved up 44 cents to settle at $37.04 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery increased 82 cents to close at $37.28 a barrel on the London ICE Futures Exchange.

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