By: Mahmoud Gamal

Kuwait-Mubasher: Global oil prices declined after U.S. data showed an unexpected rise in weekly crude stockpiles.

The price of Brent crude fell 0.7% to reach $47.16 a barrel. US crude oil prices retreated 4.3% or $1.82 to stand at $40.80 a barrel.

U.S. crude stocks were up 2.6 million barrels to 456.21 million barrels last week, the U.S. Energy Information Association said.

Investors still have fears regarding oversupply, especially after the return of Iranian oil volumes to the market, oil analyst Ahmed Hassan Karam told Mubasher.

Translated by: Julian Nabil