Oil prices diverse on Algeria's intention to boost output

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ALGIERS, Jan 9 (AE&B)-- US crude oil slightly increase while Brent crude remained stable on Monday, after six weeks of rising by the highest pace, despite Algeria's intention to increase production.    By 04:36 GMT, Brent crude oil futures stood at $55.90 per barrel, after trading at $55.16 per barrel on Sunday.   US crude oil added 28 cents or 0.53% to $53.23 per barrel.  Crude markets lost the purchasing power by the beginning of the week coinciding Algeria's, one of the OPEC, intention to increase output, after Sonatrach Group announced spending $9 billion a year on exploration and development projects since 2015, technical analyst, Karim Zeidan, told Mubasher.                                                                                                                                                   Algeria's revenues are expected to reach $35 billion in 2016, according to official data.                                                                                                         Technical analyst, Badr Al Dorzy, told Mubasher that Brent crude is targeting to complete its upward path to $57 per barrel after good weekly closure above $53 pb.                                                                                                                                        The analyst added that the outlook for the crude this week is positive, noting that support level is at $51 pb.

 

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