By: Mahmoud Gamal
Mubasher: Oil prices increased on Wednesday, after OPEC showed positive expectations concerning the commitment to the production cut agreement.
By 03:30 GMT, Brent crude oil futures added 0.27% or 27 cents to $56.93 per barrel; US crude also rose by 0.21% or 21 cents to $54.54 per barrel.
OPEC secretary general Mohammed Barkindo told London reporters on Tuesday that OPEC were 90% committed to the output decrease deal and oil inventories will see further declines this year.
Since the OPEC deal on 10 December, Brent crude oil stood above $50.
Technical analyst Badr Al Otaiby told Mubasher that Brent prices will reach peaks in the coming period and may stand at $58 - $60 before the first half of the year, which is the set period for the end of the oil output cut deal.
City Group recently expected that crude oil would increase to $70 per barrel by the end of the year and the supply and demand levels will be balanced in the coming period.
