Mubasher: Oil prices will not go back to the level of $100 per barrel, Natalia Tamirisa, assistant director of the Research Department at the International Monetary Fund (IMF), expected.
Prices will range between $50 and $60 per barrel, Tamirisa added on the sidelines of the Arab Strategy Forum (ASF) being held in Dubai, according to a press release.
The assistant director noted that OPEC and non-OPEC agreements gave a positive indication and raised oil prices.
On Saturday, non-OPEC producers agreed on cutting the production by 600,000 barrels per day.
Tamirisa added that a lot of oil producing countries made significant improvement, with the changes happened in oil prices through reducing subsidiaries on electricity and fuel, adding to launching projects that target economic diversity.
Brent crude futures declined 1.18% or 63 cents to stand at $55.08 per barrel (pb) by 11.02am GMT, while US West Texas Intermediate (WTI) crude futures retreated 1.28% or 69 cents to reach $52.29.
