Mubasher: Oil prices posted slight gains on Wednesday with the optimism towards the OPEC's production cut commitment.
By 03:25 GMT, Brent crude oil futures added 0.6% or 33 cents to $55.80 per barrel, while WTI rose 0.65% or 34 cents to $52.68 per barrel.
The markets quickly reacted with Kuwait's initiative to reduce its share as agreed on in OPEC's latest meeting on 30 November, which regained the optimism in the markets for the rebalance and achieving target goals, technical analyst, Ahmed Karam, told Mubasher.
Oil's price gains would be at their highest levels in January, especially if that coincided a rise in the global demand indicators and a decrease in negative factors, such as the increase in the US dollar, inventories and speculations, Karam added.
