Oil barrel price reaches 51 dollars

Oil prices Thursday increased as Brent crude reached $51 per barrel due to the decrease of the US reserves amid hopes of supply reduction.

West Texas Intermediate (WTI) crude, the US benchmark, gained 3.15 per cent, or $1.46, to trade at $47.80 per barrel.

The US crude reserves sharply decreased last week. A decrease of 7.2 million barrels in crude reserves was reported on July 21. It was higher than expectations which predicted a decrease of 2.6 million barrels.

Algeria’s oil and gas projects are still underway. Sonatrach’s CEO Abdelmoumen Ould Keddour Thursday inaugurated a new gas plant in Hassi Rmel which will reinforce gas injection. Its capacity is 8.8 billion cubic meters annually.