Oil prices to fall on oversupply fears -Analysts

August 9, 2015 6:42 AM

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Kuwait-Mubasher: Global oil prices are expected to decline this week, pressured by gasoline prices drop and the end of summer trips.

US crude retreated 1.8% last week to $43.87 a barrel, while Brent crude oil went down 1.8% to $48.61 per barrel.

The possibility of a rise in production due increased drilling and gasoline prices decrease may result in lower oil and gasoline prices, oil analyst Ahmed Hassan Karam told Mubasher.

Gasoline prices reached its lowest levels in five months, closing last week at a 12% decline.

Oil prices will likely continue to plunge in the current period on oversupply, the analyst added.

Crude oil prices are expected to reach $45-50, Abdul Nasser Al Otaibi noted in a statement to Mubasher.

Source: english.mubasher.info

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