By: Mahmoud Gamal
Mubasher: Oil prices fell on Monday, after traders' tendency to sell for profit gaining, after three sessions of gains and rise of prices to their highest levels in a year.
By 4:20 GMT, Brent crude oil futures traded at $53.95 per barrel, losing $0.51 or 0.94%.
US crude decreased 49 cents to $51.19 per barrel, down from $51.68 last session.
It is normal for profit gaining to happen from traders controlling crude markets to cover some losing positions, after news that Saudi Arabia and Kuwait agreed to resume in Khafji and Wafra joint oil field, Ahmed Karam, technical analyst, told Mubasher.
He added that oil markets are going through an unpreceded recovery, amid OPEC's decisions to cut production then prices.
On 30 November, OPEC agreed to cut its own production by 1.2 million barrels daily as of next January.
Translated by: Julian Nabil
