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Oil rises with the decline in US stocks
BAGHDAD (Reuters) -
Oil prices rose slightly in the settlement Friday as hopes strengthened the possibility of reducing the oversupply of crude in world markets with low US stocks and the growing support for the continued supply cuts led by OPEC.
The settlement took place futures for Brent crude on the global measurement rise by seven cents to $ 50.84 a barrel while US light crude rose one cent to $ 47.84 a barrel.
According to Reuters, oil prices rallied Thursday with lower than expected in US crude stocks on a weekly basis amounted to 5.3 million barrels, such as a sign that production cuts implemented by OPEC and other producers to help reduce the supply glut of crude in world markets.
And meet the Organization of the Petroleum Exporting Countries (OPEC) and other producers in the twenty-fifth of May to make a decision on the extension of production cuts, which they reached in November whether or not an agreement. Saudi Arabia said it expects an extension to the end of 2017 or perhaps beyond that.
According to data published by Baker Hughes Friday, US companies increased the number of oil rigs for the week seventeenth respectively by nine excavators to the 712 platform
US production of oil rose more than ten percent since mid-2016 to more than 9.3 million barrels per day, near the production levels of Russia and Saudi Arabia, the two largest producers.
http://www.aljournal.com/eco/myapp-15495/
BAGHDAD (Reuters) -
Oil prices rose slightly in the settlement Friday as hopes strengthened the possibility of reducing the oversupply of crude in world markets with low US stocks and the growing support for the continued supply cuts led by OPEC.
The settlement took place futures for Brent crude on the global measurement rise by seven cents to $ 50.84 a barrel while US light crude rose one cent to $ 47.84 a barrel.
According to Reuters, oil prices rallied Thursday with lower than expected in US crude stocks on a weekly basis amounted to 5.3 million barrels, such as a sign that production cuts implemented by OPEC and other producers to help reduce the supply glut of crude in world markets.
And meet the Organization of the Petroleum Exporting Countries (OPEC) and other producers in the twenty-fifth of May to make a decision on the extension of production cuts, which they reached in November whether or not an agreement. Saudi Arabia said it expects an extension to the end of 2017 or perhaps beyond that.
According to data published by Baker Hughes Friday, US companies increased the number of oil rigs for the week seventeenth respectively by nine excavators to the 712 platform
US production of oil rose more than ten percent since mid-2016 to more than 9.3 million barrels per day, near the production levels of Russia and Saudi Arabia, the two largest producers.
http://www.aljournal.com/eco/myapp-15495/
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