By: Mahmoud Gamal
Mubasher: The oil prices continued to increase at Asian markets by early trading on Wednesday, impacted by the decreasing US crude reserves, according to analysts.
Brent crude oil levelled up 0.36% or 18 cents to reach $46.84 per barrel by 3:30 GMT, while the US crude oil edged up 0.4% or 18 cents to settle at $46.84 a barrel.
The competitiveness run in the oil market between Iraq and KSA over marketing shares in Asia, namely India, is among the factors that may add to oil recovery in the coming week, said oil market analyst Ahmad Hassan Karam.
However, the market is still surrounded by negative factors including the growing oversupply, the analyst added.
Oil prices may break the level $46 a barrel and settle above it for several sessions, as an indicator for regaining its upward performance, Romany Zakaria.
If Brent crude oil breaks the level $44, it will confirm the expectations for its correction period to reach $42 and $40 a barrel, the analyst added.
Translated by: Ingy ElSafy
