West Texas Intermediate futures for February delivery climbed to $31.56 (+1.15%), while Brent crude declined to $30.51 (-1.20%). Nevertheless both crudes remained under pressure amid concerns over China's economy (world's second-biggest oil consumer) and expectations of additional supplies from Iran now that sanctions are lifted and the country is working on boosting production.

Oil prices have already lost over 15% in the first two weeks of 2016.