By: Mahmoud Gamal
Mubasher: Oil futures rose in early Asia trading Thursday amid the return of selective buying, offsetting the rise of US oil inventories.
US crude stockpiles grew by 2.8 million barrels to reach 488.3 million barrels in the week ended 20 January.
US crude oil went up 0.85% or 45 cents to reach $53.20 by 3:00am GMT.
Brent crude oil grew 0.85% to stand at $55.54 during the same time.
Current oil prices encouraged traders to speculate to cover their losses, amid oil production cuts by OPEC, commodity analyst George Zakaria told Mubasher.
Investors’ sentiment is still affected by negative expectation of an increase in US crude output, Zakaria added.
The US dollar index (DXY), which tracks it against a basket of six currencies, fell 0.03% to 99.86 points.
just say the dollar index, which tracks the USD/ US currency... DXY msh used ta2riban 5ales
Translated by: Julian Nabil
