By: Mahmoud Gamal
Mubasher: Oil prices continued its rise on Monday, backed by expectations of high demand on crude oil.
Brent crude oil increased 1.5% to $32.68 per barrel. US crude oil went up 1.03% to reach $32.52 per barrel.
Oil price rise is mainly backed by closing out short positions and demand on oil due to a cold spell in parts of the northern hemisphere, said Ahmed Hassan Karam.
Oil prices jumped 10% on Friday, while Brent crude and US crude oil close at $ 32.18 and $32.19, respectively.
Translated by: Julian Nabil
