Oil rises after a loss lasted for 3 days
Oil prices rose more than 1% towards 71 dollars a barrel on Monday May 24th, 2010 after a decline lasted for 3 days, respectively, some analysts indicates that expectations remained unconvincing in addition to the gloomy atmosphere about the overall economy that could harm the prices again.
By the time 4:55 GMT Oil prices raised U.S. crude oil for July gained from 70 cents to 70.74 dollars per barrel, while Brent crude oil rose in London from 22 cents to 71.93 dollars.
Toby Hasal,a senior analyst at C.W.A Global Markets indicates that "There is a significant decline in oil prices over the past two weeks, so there might be some customers who believe that oil is subjected to a wave of selling too much and look forward to buy at these levels.".
Hasal added that "Oil may remain as the victim of pessimistic expectations for the short term but will recover when the panic withdraws as we are still seeing strong growth in Asia as well as the U.S. economy recovering too slowly.".
Moreover; the prices of crude oil declined in 11 sessions out of 15 session since reaching its highest level in 2010 over 87 dollars per barrel in the fourth of May and hitting its lowest level last Thursday since September by 64.24 dollars per barrel.