Oil prices rise but remain near the lowest level



Date 16/06/2017 - 19:32

Economy News - Baghdad:

Oil prices rose on Friday, but remained close to a six-month low on the back of supply oversupply despite OPEC-led efforts to cut output and boost crude markets.

Global Brent crude was $ 47.31 a barrel, up 39 cents, or 0.83 percent, from the previous settlement price. WTI was $ 44.71 a barrel, up 44.71 dollars a barrel. 25 cents or 0.56%.

Traders said the slight increases were the result of a partial disruption of exports in Libya.

However, crude prices have been down about 13 percent since late May, when OPEC's top producers agreed to extend production cuts by 1.8 million bpd for another 9 months to the end of the first quarter of 2018.

Increased US production, especially from oil drilling companies, is contributing to the weakness of OPEC-led cuts.

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