By: Mahmoud Gamal
Mubasher: Oil prices fell by more than 2% in Wednesday’s early trades on the back of profit-taking, following the release of a report by the American Petroleum Institute (API) that showed crude inventory figures rising by 4.4 million barrel.
Brent crude prices, the international benchmark, fell 2.16% or 98 cents to $44.91 per barrel (pb) by 3:20am GMT. Likewise, US crude oil slid 2.36% or $1.35 to $43.63 pb.
Rising fears over supply glut led to a decline in Brent crude prices, following a statement by OPEC Secretary-General Mohammed Barkindo who warned of instability in the oil market if the producer group and other major crude suppliers fail to limit output, according to analyst Ahmed Karam.
Translated by: Julian Nabil
