By: Mahmoud Gamal
Mubasher: Oil prices retreated after four rising sessions on Wednesday.
By 03:50 GMT, Brent crude oil futures decreased 13 cents to $56.70 per barrel, while US crude fell 8 cents to $53.82 per barrel.
Recovered US dollar is the reason behind the fallen prices and makes the US dollar-denominated commodities pricier.
Technical analyst, Osama Al Ryan, expected that prices will continue up and down till traders make sure from how committed are OPEC and non-OPEC producers are towards production cut agreement.
On 30 November, OPEC agreed to cut its own production by 1.2 million barrels daily as of next January, while Russia and Non-OPEC producers agreed on reducing the production by half.
Translated by: Sara Ghali
