Oil prices continue their gains amid expectations to shrink supplies

Oil prices continued their gains today, Thursday, amid expectations to shrink supplies, and in light of the pledge of some of the countries of the Organization of Petroleum Exporting Countries (OPEC) to reduce production more to compensate for their excess earlier for the agreed shares.

Brent crude futures increased 34 cents, or 0.5 percent, to $ 66.19 a barrel.

West Texas, American mediator, 44 cents, or 0.7 percent, rose to $ 62.91 a barrel.

The fears of supplies increased after OPEC said yesterday, Wednesday, that it had received updated plans related to Iraq, Kazakhstan, and other countries to make more production discounts to compensate for previously pumped over the shares.

However, OPEC, the International Energy Agency and many banks, including Goldman Sachs, and JB Morgan, reduced their expectations this week regarding oil prices and demand growth, following the turmoil caused by American customs duties, and the responses of other countries on them.