Brent crude rises to $ 49.27 a barrel

History of edits:: 2016/5/20 14:44 105 visits readable

{International: Euphrates News} Oil prices rose on Friday in trading global markets.
By eight o'clock am GMT International benchmark crude Brent crude futures 46 cents, or 0.94 percent from the previous settlement to $ 49.27 a barrel.
The increased price of West Texas Intermediate in the US futures 48 cents, or 1% to $ 48.64 a barrel.

Experts said that "unforeseen disruptions of supply around the world stopped about 2.5 million barrels per day of production to dissipate almost surplus production, which fell more than 70% in the period between 2014 and early 2016 prices."

And it reduced militant attacks in Nigeria's oil production to its lowest level in more than 22 years, down from 1.4 million barrels per day.

Libyan production was also affected by the internal conflict in the country.

In North America, US crude oil production fell to 8.79 million barrels a day, to come down since the peak at which exceeded 9.6 million barrels a day last year, amid a wave of currently producing companies go bankrupt.

Production fell in Canada because of the forest, which halted production of about one million barrels per day fires.

In South America production also stumbles in Venezuela {} OPEC member.
Data from the Organization of Petroleum Exporting Countries that "crude oil production in Venezuela has fallen to about 2.53 million barrels per day in the first quarter of 2016, compared with 2.72 million bpd in the same quarter of last year."