High global oil prices

June 27, 2017

Baghdad - Agencies

LONDON (Reuters) - Global oil prices rose on Tuesday as investors moved to cover city centers, but supply overshadowed gains and kept prices below $ 50 a barrel.

Global Brent crude rose 35 cents, or 0.7 percent, to $ 46.18, while US WTI rose 30 cents in the futures contract to $ 43.68 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its partners are trying to reduce the supply gap in global crude markets by cutting output. The WTO agreed with 11 overseas exporters in May to extend production cuts by 1.8 million bpd until the end of March 2018.

Despite the cut in output, which began in January, markets are still in abundant supply due to increased production elsewhere.

Libya's oil production rose to more than 900,000 bpd this week, and US rock oil production has increased by 10 percent since last year to 9.4 million bpd.