By: Mahmoud Gamal
Mubasher: The prices of crude oil went up on Thursday after official data showed a 30-year decline in the US crude oil reserves, limiting the worries about oversupply.
Brent crude oil, November-delivery, gained 74 cents or 1.54% to settle at $48.73 per barrel by 3:45 GMT, while the US crude oil levelled up 16 cents or 0.35% to $46.30 a barrel.
The data issued on Wednesday reported a drop by 12.1 million barrels in the week ended 2 September as compared to previous estimates of an increase by 255,000 barrels.
The preliminary data which showed a fall in oil reserves helped investors’ sentiments to improve, pushing prices to approach $50 a barrel which is the target in the coming period, analysts of goods markets Ahamd Karam said.
The analyst expected oil prices to reach an average between $55 and $60 a barrel in the coming days, with Iran supporting such prices.
Translated by: Ingy ElSafy
