West Texas Intermediate futures for February delivery is currently at $36.08 (+0.31%), while Brent crude is at $36.50 (+0.22%) staying not far from eleven-year lows. Investors are concerned over the persistent supply glut and rising stockpiles. In fact, some analysts believe that the conflict between major oil producers Saudi Arabia and Iran will only intensify the oversupply issue as now these two countries are even less likely to co-operate in order to support oil prices. Meanwhile Iran is preparing to raise supplies this year.

Market participants are waiting for the Energy Information Administration to report on U.S. crude oil stockpiles later today.