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Oil prices down after 3-session rally

Oil prices down after 3-session rally
Photo Credit: Arabianeye - Reuters

Mubasher: Oil prices declined in Thursday's early trade on profit taking after recording three-session gains on positive data related to a possible cut decision in the next OPEC meeting.

By 4:20am GMT, Brent crude futures were placed at $52.57 per barrel (p/b), down 10 cents from $52.76 p/b a session earlier.

US WTI crude oil futures fell 15 cents to $51.67 p/b, compared with $ the highest monthly quote at $51.93 p/b.

The US dollar index slid 0.07% to 97.94 points against a basket of currencies.

In spite of this decline, the outlook for oil prices is still positive on the mid-run, said market analyst at Trust Capital Alaa El-Deen Farhat, explaining that a number of major Chinese companies may shut down more drilling firms due to higher costs and lower global prices.

The analyst expected oil prices to target $60 a barrel in the coming two weeks as USA and Europe are stepping close to the winter season.

However, this positive perspective is still tied with OPEC informal agreement to take a cut decision on 30 November, which will lead, if unfulfilled, to another regress, the analyst concluded.