By Mahmoud Gamal
Mubasher: Oil prices saw a slide in early Tuesday's trade amid doubts over having a cut/freeze agreement on Wednesday to curb oil global glut.
By 3:00am GMT, Brent crude oil futures declined 42 cents or 0.9% to $48.8 per barrel.
U.S. West Texas Intermediate crude futures decreased 36 cents or 0.8% to $46.73 per barrel.
OPEC will hold an official meeting in Vienna on Wednesday to compromise on a cut deal in an attempt to curb the present oversupply through which prices have been slashed by 50% since 2014.
Commodity analyst Zamil Al-Otaibi said this early decline was driven by a wave of profit-taking that increased after OPEC experts did not set the details of the cut deal that is expected to be finalized in the next meeting.
The analyst expected prices to be highly volatile thanks to uncertainties surrounding the yet-to-be- made cut/freeze deal.
