By: Mahmoud Gamal
Mubasher: Oil prices came mixed on Tuesday amid doubts about the commitment of the oil producing countries to the OPEC resolutions as Algeria revealed plans to increase its output.
By 04:05am GMT, Brent crude futures declined 2 cents or 0.04% to $55.88 per barrel (pb), while the US crude increased 11 cents or 0.21% to $53.13 pb.
Analyst Mohamed Abdullah told Mubasher that the crude market lost purchasing power after Christmas holidays as Algeria announced plans to raise its production, in addition to data showed an increase in the output of Libya.
“Brent Crude is now targeting the level of $57 pb after closing last week above $53 pb,” analyst Mohamed Al Dorzy, said.
Translated by: Elwy el-Manzalawy
