Mubasher: Oil prices rose on Tuesday, to trim their losses seen yesterday, in spite of oversupply concerns.

Brent prices rose by 0.2% to reach $32.96 a barrel, and U.S. crude oil NYMEX add 1.1% to reach $30.03 a barrel.

Oil prices fell yesterday due to the continuing concerns about the weak global economy and oversupply in oil market.

Mohammed Al Shatti, oil analyst, told Mubasher that fluctuations in oil prices are still going with differing expectations about the ability of oil producers from and outside OPEC to cut supplies with the aim of supporting prices.

Traders in the oil sector disregarded the decline of Nikkei index that measures Japanese major companies’ shares by more than 5%.

At the end of January, the U.S. Energy Information Administration (EIA) statements showed that crude oil inventories jumped to the highest level at 8.4 million barrels in the week ending on 22 January.