By Mahmoud Gamal
Mubasher: Oil prices slightly retrieved part of its desirable level on Monday as it added more than 26 cents, reversing a precipitous decline in all previous sessions.
At 2:13 GMT, the global benchmark, Brent, advanced 34 cents to $33.35 per barrel. U.S benchmark West Texas Intermediate (WTI) was up 26 cents to $29.90.
U.s energy firms has been cutting oil rigs for the ninth week in a row with a tendency to reduce spending plans due the steepest fall in oil prices since December,2009.
The number of operating rigs for the week ended on 19 February dropped to 413, compared to 1,536 for the year-ago same week.
“The reduction of oil drillings are likely to lower oil production in 2016 and to globally support prices as well”, Ahmed Hassan Karam, oil analyst, exclusively told Mubasher, emphasizing that “oil markets still suffer from instability due to the abundant supply and sluggish global demand growth”.
Translated by Ahmed El-Sayed Ali
