By: Mahmoud Gamal
UAE-Mubasher: Global oil prices continued its fall on Tuesday, weighed by fears of oversupply and US dollar increase.
Brent, the global benchmark, declined 5.28% or $2.27 to reach $40.73 a barrel; the lowest level since the beginning of 2009.
U.S. crude slid 5.8% or $2.32 to reach $41.85 a barrel.
The global oil prices decline is mainly attributed to fears of global oversupply after OPEC failed to address a growing supply glut, concurrently with the growth of stronger US dollar, according to economist and oil analyst Ahmed Hassan Karam.
In its meeting held on 4 December, OPEC did not agree on reducing oil production.
Karam added that OPEC fails to agree on output ceiling, reflecting disputes over how to deal with Iran production after sanctions are lifted.
The US dollar recovered against main basket of currencies, while the euro was down 0.4 percent at $1.0843.
Translated by: Julian Nabil
