Oil futures are recovering from their lows and closing at less than $ 50 a barrel

06/05/2017 11:15 | Number of readings: 146

Trend Press / Agencies

Oil futures rose after falling to a six-month low, with Brent and US crude closing below $ 50 a barrel.

On the New York Mercantile Exchange, crude oil futures closed at $ 46.51 a barrel, down from 43.88 on Friday morning, the lowest since November.

London Brent crude futures rose 2.17% or $ 1.05 to trade at $ 49.43 per barrel, after falling to $ 46.74 a barrel earlier in the session, the lowest in 6 months. .

Crude oil prices fell sharply after the US Energy Information Administration issued its usual weekly report on Wednesday, which included a number of figures, led by crude oil inventories, which showed a decline of 930 thousand barrels for the week ended March 28, which came less and much of the expected decline .

Oil has remained under pressure in recent sessions as concerns persist that the OPEC deal will not be enough to solve the problem of abundant global supply as oil production in the United States rises.
Some traders are still skeptical that the planned cuts will be as large as the market currently expects. There are also some market concerns about increased production in the United States. These concerns are confirmed by the fact that the number of drilling platforms in the United States continues to rise in recent months.