Oil is recovering from its lowest level in 2017 with a decline in US stocks
Last updated 05/03/2017
- 15:48
Economy News Baghdad:
recovered oil prices on Wednesday from its lowest level in 2017 after preliminary data showed a larger - than - expected decline in US stocks , which revived sentiment upbeat , down oversupply of crude in world markets.
By 1010 GMT , International benchmark Brent crude futures rose 35 cents to $ 50.81 a barrel.
Closed futures contracts for Brent crude on Tuesday at its lowest level since the thirtieth of November , when the Organization of Petroleum Exporting Countries decided (OPEC) to cut production.
It rose WTI 28 cents to $ 47.94 a barrel after having dropped 2.4 percent on Tuesday due to concerns about the decline in the level of commitment to OPEC agreement to cut production.
American Petroleum Institute data showed late on Tuesday that US crude stocks fell 4.2 million barrels last week , or about twice the decline expected by analysts polled by Reuters.
The US government will announce the Energy Information Administration inventory data on Wednesday at 1430 GMT.
The Reuters survey showed that an increase in pumping oil from Angola and the UAE higher production more than the specified basically means that the commitment of OPEC agreement to cut production fell to 90 percent from 92 percent in March