By: Mahmoud Gamal

Mubasher: The prices of crude oil have continued to increase after GCC members of the OPEC have confirmed on declining oil production as oversupply suspicions was considered.

By 5:00 GMT, oil prices gained 0.16% or 9 cents to reach $55.76 per barrel.

West Texas crude oil rose by 0.27% or 14 cents to settle at $52.51 a barrel.

The oil prices are still heading to rise in line with higher demand on crude oil from China, analyst Ahmad Al-Khawanky said.