By: Mahmoud Gamal
Mubasher: Oil prices returned to fall on Tuesday, with the return of the supply glut, after data showed an increase in OPEC's monthly production.
By 04:00 GMT, Brent crude oil shed 0.71% or 39 cents to $54.55 per barrel, while US crude decreased 48 cents to $51.3 per barrel.
Technical analyst, Saad Al Zamily, told Mubasher that November data lately released on rising OPEC's oil production is the reason behind the doubts that last Vienna meeting will lead to less supply glut.
Initial figures showed that OPEC's supply rose to 34.19 million barrels per day (bpd) in November from 33.82 million bpd in October.
On 30 November, OPEC agreed to cut its own production by 1.2 million barrels daily as of next January.
The analyst noted that the traders' confidence in goods market will not return except after fixing the prices above $53 for several coming sessions.
Translated by: Sara Ghali
