By: Mahmoud Gamal
Mubasher: Oil prices declined on Thursday after weekly government data showed another rise in US crude inventories.
NYMEX futures fell 0.31$ or 14 cents to $45.12 per barrel (pb) by 04:11am GMT. In addition, crude oil futures slid 0.04% or 2 cents to reach $46.34 pb.
There are some factors that may push oil prices higher, despite the negative impact of rising US crude inventories, like a potential shift in US policy towards Iran, according to analyst Badr Draz.
Trump previously criticized the West's nuclear deal with Iran, an accord that has allowed Tehran to increase crude exports sharply this year. And Iran said the new US president should stay committed to the deal.
US crude stocks rose by 2.4 million barrels to 485 million barrels last week, the US Energy Information Administration said on Wednesday.
Translated by: Julian Nabil
