Mubasher: Oil prices opened Thursday slightly higher in spite of concerns over large global supply.

By 3:20am GMT, Brent crude oil futures inched up 0.09% to $46.80, while US West Texas Intermediate (WTI) crude was higher at $49.05 per barrel.

Market analyst George Al-Btroni attributed this slight rise to the decline of US dollar value by 0.03% to 94.70 against a basket of currencies.

Al-Btroni expected oil prices to keep falling to $47 a barrel on the crisis of oil glut, namely OPEC and non-OPEC members have not agreed to freeze the output yet.

Market analyst Hazem Wreykat said Oil prices are not likely to move above the previous quotes, noting that Saudi Arabia plans to increase oil production; Iraq has started pumping 70,000 barrels into Turkey daily; and Libya’s National Oil Company reopened the blockaded export terminal at Zueitina.

The American Petroleum Institute stated Tuesday that US crude stocks surprisingly rose from 4.5 million barrel to 524.2 million.