By: Mahmoud Gamal
Mubasher: Oil prices regained its downward performance during the early trading on Tuesday in Asian markets, as worries from oversupply have increased, analysts told Mubasher.
Brent crude oil levelled down 0.34% or 16 cents to reach $46.80 per barrel by 3:30 GMT, after it had increased by 1.4% at the closing of Monday’s session.
The US crude oil edged down 0.41% or 19 cents to settle at $45.75 a barrel.
The recent data issued about the increase of crude reserves deepened the worries from a new oversupply. Thus, investors continued profit taking activity and stayed away from trading by early Tuesday, said oil market analyst Mohamad Al-Harami.
Market intelligence firm Genscape has reported that the Cushing, Oklahoma delivery hub for the US crude futures showed a supply build of 26,460 barrels in the week to July 15.
As Brent crude oil may approach the level $45 per barrel, it may fall to reach $43.5 and $42 respectively, the analyst added.
Translated by: Ingy ElSafy
