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Oil rises with the decline of the global supply glut
Oil prices rose on Monday , the market for high for the fifth session in seven sessions and headed amid signs of an easing of the global supply glut but rising US oil production limit gains.
Jumped International benchmark Brent crude 0.7 percent to $ 56.39 a barrel by 0628 GMT , while the increased WTI US median 0.6 percent to $ 54.31 a barrel.
Oil prices fell on Friday after data showed the US Energy Information Administration that crude inventories in the United States rose for the seventh consecutive week.
But the market remained supported in a narrow range between four and five dollars since November , when it agreed the Organization of the Petroleum Exporting Countries scale (OPEC) and independent producers to reduce production.
The Energy Information Administration showed a rise in US inventories data 564 thousand barrels to 518.7 million barrels last week.
The record level of commitment agreement by OPEC surprised the market and pledged the UAE and Iraq at least a commitment to connecting the dots to the levels of commitment that they have made.
And estimated the International Energy Agency , OPEC 's commitment ratio at a record high of 90 percent in January. Based on the average estimated by Reuters surveys of production of the commitment level of 88 percent.
http://www.ikhnews.com/index.php?page=article&id=152975
Oil prices rose on Monday , the market for high for the fifth session in seven sessions and headed amid signs of an easing of the global supply glut but rising US oil production limit gains.
Jumped International benchmark Brent crude 0.7 percent to $ 56.39 a barrel by 0628 GMT , while the increased WTI US median 0.6 percent to $ 54.31 a barrel.
Oil prices fell on Friday after data showed the US Energy Information Administration that crude inventories in the United States rose for the seventh consecutive week.
But the market remained supported in a narrow range between four and five dollars since November , when it agreed the Organization of the Petroleum Exporting Countries scale (OPEC) and independent producers to reduce production.
The Energy Information Administration showed a rise in US inventories data 564 thousand barrels to 518.7 million barrels last week.
The record level of commitment agreement by OPEC surprised the market and pledged the UAE and Iraq at least a commitment to connecting the dots to the levels of commitment that they have made.
And estimated the International Energy Agency , OPEC 's commitment ratio at a record high of 90 percent in January. Based on the average estimated by Reuters surveys of production of the commitment level of 88 percent.
http://www.ikhnews.com/index.php?page=article&id=152975
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