By: Mahmoud Gamal
Mubasher: Oil prices saw a modest rise after the decline of US oil crude inventories.
The US Energy Information Administration (EIA) reported a decline of 2.6 million barrels in crude oil stockpiles, bringing stockpiles down to 483.2 million barrels.
Brent crude futures rose 7 cents to stand at $53.97 per barrel (pb) by 3:30am GMT, whereas US West Texas Intermediate (WTI) crude futures declined 3 cents to reach $53.97.
The oil market was backed by the US data on oil stockpiles, yet investors are anxious over the impact of interest rate rise on imports and exports, analyst Ahmed Karam.
Translated by: Julian Nabil
