economy From 2017-05-02 at 14:06 (Baghdad time)
Mawazine News - Follow up
Oil prices rose on Tuesday amid expectations that OPEC's top exporters will extend production cuts in the second half of this year, overshadowed by increased production in the United States, Canada and Libya.
Brent crude <LCOc1> rose 30 cents to $ 51.82 a barrel by 0840 GMT. Futures hit a one-month low of $ 50.45 last week after two major oilfields resumed operation in Libya.
US light crude was up 20 cents at $ 49.04 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) has agreed with Russia and a number of other major oil producers to cut crude production by about 1.8 million barrels per day in the first half of 2017 in an attempt to reduce global warming.
OPEC meets with a number of independent producers on May 25 and is widely expected to extend production restrictions for the rest of the year.
Libya's National Oil Corporation (NOC) said on Monday its production had risen above 760,000 bpd, its highest level since December 2014, with plans to continue boosting production.
US crude production hit its highest level since August 2015.
Oil found some support in data showing Russian oil production fell slightly to 11 million bpd in April from 11.05 million bpd in March.
US crude stocks are expected to fall for the fourth week in a row from a record high at the end of March, but inventories are still about 10 percent higher than year-end levels, according to calculations.