By: Mahmoud Gamal
Mubasher: Oil prices have increased in Thursday’s session by 3:50 GMT, coinciding with the decrease of the US crude reserves and the fall of the US dollar.
Brent crude oil rose by 1.4% or 56 cents to reach $46.80 per barrel, while the US crude oil levelled up by 1.45% or 61 cents to $45.40.
The continuous weakness of the US dollar as well as the decrease of the US reserves below estimates made up part of the losses posted on Wednesday, said oil markets analyst Saad Al-Zamly.
The expectations for oil prices to reach above $50 a barrel are not easy to be seen, unless the global demand on oil increases, the analyst added.
He noted that by approaching the level $47, Brent crude oil is likely to continue its upward performance till the end of this week to reach $47.7 and $48 respectively.
Translated by: Ingy ElSafy
