Oil drops with continuing doubts about OPEC production cuts

17/05/2017 01:37 | Hits: 147
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Oil prices fell Friday while searching the market for clues indicating the effectiveness of the production cuts agreed by the Organization of petroleum exporting countries (OPEC) in the conduct of global supply glut.

By 0745 GMT raw retreat global measurement Brent dime or 0.19 percent to 51.64 dollars a barrel.

And u.s. wti Inn three cents, or 0.06 percent to 48.72 dollars a barrel.

Oil prices fell so much last week by fears that the production cuts agreed by OPEC producers outside Russia, including no shrinking glut anticipated pace before facing growing u.s. production.

Official data showed that crude stockpiles in the United States, the world's largest oil consumer, fell last week after rising imports decline for nine consecutive weeks.

Crude stocks fell 237 million barrels in the week ending March 10, unlike the estimates of analysts who predicted an increase of 3.7 million barrels.

OPEC and independent producers reached including Russia to a historic agreement last year to cut production by about 1.8 million barrels per day in the first half by 2017.

But the organization said in its monthly report that global oil stocks increased in January to 278 million barrels above the five-year average.

In a sign that OPEC's efforts have little effect shipments to Asia increased three percent since the Organization's agreement to cut supplies.