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Oil prices continue to increase as reserves shrink

Oil prices continue to increase as reserves shrink
Brent crude oil was up 0.45% or 12 cents (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Dubai-Mubasher: The oil prices continued to rise early Thursday at the Asian markets after the US government confirmed that crude reserves weakened for the ninth week on a row, according to analysts.

Brent crude oil was up 0.45% or 12 cents to reach $47.38 per barrel by 3:50 GMT. 

The US crude oil rose by 0.35% or 16 cents to settle at $45.90.

Brent crude oil reached above the level $46 a barrel, however, positivity was not confirmed. If oil prices settle above this level for several sessions, an upward performance will be seen, said technical analyst of oil markets Hany Matar.

Translated by: Ingy ElSafy