By: Mahmoud Gamal

Mubasher:  Oil prices slightly increased on Wednesday after the U.S. Energy Information Administration (EIA) announced a drop by 553,000 barrels in oil reserves.

The US crude oil futures gained 10 cents to reach $49.23 per barrel after it fell earlier to $49.13. Brent crude oil inched up 7 cents to reach $50.05.

The oil market is facing pressures as Iran, Libya, and Nigeria don’t intend to decrease their oil production, analyst of goods market Ahmad Karam said.

Prices are expected to remain volatile with uncertainty increasing over the OPEC’s ability to convince countries decrease oil production, he noted.

Karam expected the US crude oil to fall below $48 a barrel following the recent issued data.

Translated by: Ingy ElSafy