Oil rises from the lowest level in 4 months

Date: 2017/3/23 13:30 62 times read

{International: Al Furat News} Oil prices rose from their four-month low on Thursday, but the recovery is cautious as investors are concerned that OPEC-led supply cuts have so far failed to cut record US crude inventories.

By 0915 GMT, world benchmark Brent crude was $ 50.84 a barrel, up 20 cents from the previous close and rebounding from $ 49.71 on Wednesday, its lowest price since Nov. 30, when OPEC announced plans to cut output.

US crude rose 20 cents to $ 48.24.

But Brent is still below a record high of over $ 58 a barrel shortly after January 1 when the Opec and non-OPEC producers began to cut supplies by 1.8 million bpd.

Global stocks have continued to rise since then. US Energy Information Administration data showed Wednesday a jump that exceeded expectations of US stockpiles of 5 million barrels last week to 533.1 million barrels.