Oil prices fall to $ 53
Date: 05/01/2017 12:23
Information / Baghdad ..
Oil prices steadied on Thursday, supported by the data showed a drop in US crude stocks and a record increase in car sales in the United States despite the fact that the continuing doubts about the commitment of producers on their pledges to cut production continues to affect the markets.
It was trading WTI futures for $ 53.27 a barrel by 0746 GMT, up one cent from last settlement price when prices went up two percent.
WTI prices have received support from the report of the American Petroleum Institute, which showed that US crude stocks fell by 7.4 million barrels in the week ending on the thirtieth of December, to 482.7 million barrels.
US auto sales also supported crude West Texas Intermediate, which increased 1.3 percent in December on an annual basis to reach a record high of 17.55 million units in 2016.
In world oil markets it was trading global London Brent crude for $ 56.40 a barrel, down six cents from the last settlement.
The performance of Brent relatively weak compared ore West Texas Intermediate on the background of doubts about the full implementation of the plans of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers to cut production. Finished / 25