Oil prices are near to 34$ in Asian trade

American oil prices are continuing its drawn today Wednesday in Asian markets in the beginning of trade after the sharp drop in its prices yesterday.

Future Contract prices of American crude oil dropped near to 34 $ a barrel on Wednesday after its drop about 7% in the previous day because of new fears about the economy and the drawn of demand on oil which result high in oil stocks.

Barrel price record 159 liter of delivery crude light west Texas in next March 34.60$ with drawn about 33 cent of closed price in the previous day.

Brent decreased in April about 53 cent to reach 40.50 $ a barrel. Tuesday drawn came in some parts with expectations of large increasing in American stocks of crude.

Algerian Oil minister Chakib Khalil expected that OPEC will decrease again its production of crude oil in next March if prices stay under 40 $ a barrel.