By: Mahmoud Gamal
UAE-Mubasher: Global oil prices declined on Wednesday due to an unexpected rise in US stockpiles, simultaneously with news confirming that OPEC will keep its output ceiling unchanged.
U.S. crude oil prices rose 4.6% or $1.91 to reach $39.94 per barrel, the lowest level since August.
Brent fell 4.4% or 1.95 cents to reach $42.49 on Thursday.
U.S. crude oil inventories rose with a rate more than expected, pushing traders to sell contracts and focus on dollar that rose on Thursday, said economist and oil analyst Ahmed Hassan Karam.
U.S. crude inventories rose for the tenth week in row, jumping 1.2 million barrels, according to data issued on Wednesday from the U.S. Energy Information Administration.
An official confirmed that OPEC will not lower production, noted the analyst.
Translated by: Julian Nabil
