By: Mahmoud Gamal
Mubasher: The crude oil prices approached the lowest level in two months during the Asian trading sessions on Monday, in spite of Saudi Arabia’s confirmation to balance the oil market.
The Saudi energy minister Khalid al-Falih said late Sunday that the kingdom secures the flow of oil supplies, according to Reuters.
Brent crude oil September delivery levelled down by 0.065 or 22 cents to settle at $46.54 per barrel by 2:45 GMT; the lowest level since the beginning of May.
Oil prices are foreseen to be negative over the week, as expectations see the prices fall to below $40 a barrel, despite the positive statement made by the Saudi minister over the stability of oil prices, said analyst of oil markets Ahmed Hassan karam.
Brent crude oil may fall to $45 and below $44 per barrel as it has retreated to the $47 level, the analyst noted.
Meanwhile, the US crude oil august delivery edged down 0.08% or 27 cents to reach $45.14 per barrel.
Translated by: Ingy ElSafy
