Oil rises to $ 46 a barrel

Oil rises to $ 46 a barrel


13:07 - 27/06/2017


Oil prices rose for a fourth straight session on Tuesday, with the trend of investors to cover the city centers despite concerns about the continued supply glut in global markets.

The increased global London Brent crude futures 35 cents or the equivalent of 0.7 percent to $ 46.18 a barrel by 0715 GMT.

The West Texas crude rose US median 30 cents, or 0.7 percent in futures to $ 43.68 a barrel.

These gains mean that the market is a bit high since the beginning of this week, after having remained low during most periods in the past month.

And trying Organization of Petroleum Exporting Countries (OPEC) and its partners to reduce oversupply in the global crude markets by reducing production. The group agreed with 11 countries from exporters from abroad in May to extend the reduction of production by 1.8 million barrels per day until the end of March 2018.

Despite the production cut, which began in January as the markets are still abundant supply due to increased production in other places.

It rose US shale oil production by about ten percent since last year to 9.4 million barrels per day and the number of US oil rigs operating the highest level in more than three years. Finished / 25

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