Oil swings around its lowest level in 2017




17/06/2017 03:53 | Number of readings: 44

Trend Press / Agencies

Oil prices rose on Friday from their lowest level this year as some producers cut their exports and the number of rigs in the United States slowed, but the recovery was limited and crude was the fourth weekly drop on continued supply worries.



US benchmark Brent crude rose 45 cents to $ 47.37 a barrel, while the WTI hit $ 44.47 a barrel, up 28 cents. The benchmark crude was the weekly losing 1.6 percent.



Crude prices hit a six-month low on Thursday, more than 12 percent below late May levels when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended production cuts by 1.8 million bpd for nine months to the end of the first quarter of 2018.



Kazakhstan, which agreed to cut its supply last year as part of non-Opec commitments, said it would cut its production in June and July after over-production for three months in a row.



However, Nigeria and Libya, members of the Organization of the Petroleum Exporting Countries (OPEC) and the producers of the production agreement, boosted their exports as they recovered from a supply disruption triggered by protests.



In the latest reference to the rough supply of raw materials, giant tankers are used to store unsold oil off the coast of Singapore and Malaysia.

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