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Oil prices fall in early Asian trades

Oil prices fall in early Asian trades
Brent crude is forecast to keep moving down to $43 - (Photo Credit: Reuters)

By: Mahmoud Gamal

Mubasher: Crude oil prices opened Monday's Asian trades on a lower note, extending their weekly losses that reached 4% amid worries over a global oil glut.

By 3:40am GMT, Brent crude futures shed 0.15%, or 8 cents, to stand at $45.65 per barrel, hitting the lowest level since 11 May after dropping 51 cents or 1.1% on Friday.

NYMEX crude inched down by 0.16%, or 7 cents, to $44.14 a barrel, after closing Friday 1.3% or 56 cents lower.

In spite of the beginning of the summer season, oil prices are still falling on oversupply concerns that remain unsolved, oil analyst Ahmed Karam told Mubasher.

After the head of Libya's National Oil Corporation (NOC) disagreed on a deal between the government and local guards to reopen key ports, oversupply concerns will likely grow, Karam added.

Technically, Brent crude is forecast to keep moving down to $43 and then to $41 a barrel if unless staying above $45 per barrel, the analyst concluded. 

 

Translated by: Ahmed Ali