By: Mahmoud Gamal

Kuwait-Mubasher: Global oil prices are expected to decline this week, pressured by gasoline prices drop and the end of summer trips.

US crude retreated 1.8% last week to $43.87 a barrel, while Brent crude oil went down 1.8% to $48.61 per barrel.

Increased drilling raised expectations of a rise in production which pushed oil prices even lower, as gasoline drops, oil analyst Ahmed Hassan Karam told Mubasher.  

Gasoline prices reached its lowest levels in five months, closing last week at a 12% decline.

Oil prices will likely continue to plunge in the current period on oversupply, the analyst added.

Crude oil prices are expected to reach $45-50, Abdul Nasser Al Otaibi noted in a statement to Mubasher.