By Mahmoud Gamal
Mubasher: Oil prices declined for the second straight day on Monday due to oversupply worries.
At 7:30am GMT, Brent crude lost 0.7% to $40.89 a barrel, while the US crude fell 1.4% to $38.88.
Ahmed Karam, an oil industry expert, said Monday’s decline is ‘normal’ after a rise for several days on renewed oversupply concerns.
U.S. rig counts increased for the first time since December in the week ended 18 March.
U.S. energy firms last week added one oil rig to 387 after 12 weeks of cuts, according to data by industry firm Baker Hughes.
Karam said the outlook is still rosy for the oil market after the announcement that OPEC and non-OPEC producers will meet in the Qatari capital Doha next month.
Translated by Abdul Maguid Aboshahla
