By: Mahmoud Gamal

Mubasher: Oil price modestly rose on Thursday, after US crude inventories declined, which cancelled the investors’ doubts regarding the ability of OPEC to cut production by 2017.

The American Petroleum Institute (API) revealed on Tuesday that the US crude inventories decreased 2.4 million barrels last week.

By 04:20 GMT, Brent crude oil added 5 cents to $53.06 per barrel, while West Texas Intermediate (WTI) futures increased 14 cents to $49.91 per barrel.

Technical analyst, Ahmed Karam, expected that oil prices would keep on going in an unstable space till the announcement of the results of Saturday’s meeting, which will outline the prices’ track in the coming period.

He added that the market now focuses on that non-OPEC producers will be able to cut their productivity by 600,000 barrels per day, which Russia pledged to cut the half of this volume.

On 30 November, OPEC agreed to cut its own production by 1.2 million bpd as of next January.

Non-OPEC oil producers are scheduled to meet in Vienna next Saturday, 10 December to finalize details of latest OPEC’s decision regarding oil production cuts.

Translated by: Sara Ghali