By: Mahmoud Gamal
Mubasher: Oil prices retreated on Tuesday as of traders focused on selling to harvest profits after three sessions of gains and the rise of prices to their highest levels in five weeks.
Brent crude oil futures were down 0.64% or 31 cents to reach $48.04 per barrel by 4:00am GMT.
US crude oil fell 25 cents to settle at $45.46 pb.
It is normal to see quick profit-taking transactions in oil markets to cover the losses, said technical analyst, Ahmed Hassan Karam.
Oil markets are witnessing an unprecedented recovery amid announcements that oil producing countries will balance prices soon, he added.
On Monday, Russian energy minister Alexander Novak told Asharq Al-Awsat newspaper that his country was in talks with Saudi Arabia and other members in the Organisation of Petroleum Exporting Countries (OPEC) to stabilise the oil market.
OPEC and non-OPEC oil producers will meet at the inter-ministerial meeting of International Energy Forum (IEF) in Algeria in September to discuss the market's situation.
Translated by: Sara Ghali
