By: Mahmoud Gamal
Mubasher: Global oil prices continued to fall on Monday amid new expected supply from Iran, Libya and America, surpassing the lows seen during the recession of 2008.
Brent crude declined 1.44% or 53 cents to $36.35 a barrel; the weakest level since July 2004.
U.S. crude also fell 0.23% to $34.66 a barrel - the lowest since 2009.
The oil market saw speculations and shifting between positions, resulting in a temporary rise in prices, said economist and oil analyst Ahmed H. Karam.
Karam added that the U.S. decision to lift a ban on Iran’s oil exports and Iran’s plans to pump more oil would push oil prices down in the coming period.
Gold prices rose 1.2% to $1078.49 per ounce as U.S. dollar declined.
The analyst noted that most investors traded in gold market because it is the only “safe haven” for them amid the wave of declines that hit global markets on lower oil prices.
Translated by: Julian Nabil
