By: Mahmoud Gamal
Mubasher: The oil prices continued to grow at the opening of Monday’s session in Asian markets, in line with the fall of the US dollar and the semi-cautious stability of the recent events in Turkey.
Brent crude oil levelled up by 0.55% or 23 cents to reach $47.85 per barrel by 3:50 GMT .
The Turkish events are the main reason for oil prices to increase, said oil market analyst Ahmad Hassan Karam.
He noted that speculations are back to exploit low oil prices, pushing the markets to see an upward trend.
Meanwhile, the recent statements made by the Saudi energy minister indicate that oil producers are worried over the expectations which confirm the fall of oil prices to nearly $44 and $43 a barrel, Karam added.
As Brent crude oil approaches the level of $48, a technical rise is forecasted to reach or exceed $48.5 a barrel on Tuesday, the analyst clarified.
Translated by: Ingy ElSafy
