Oil prices are recovering and approaching $ 50 per barrel
Saturday July 1, 2017 10:40
und amid optimism about the commitment to cut production
April 20, 2017
Alsumaria News / Baghdad
recovered when oil prices closed on Saturday, approaching again to $ 50 per barrel amid pressure to increase US production and reduce the production of OPEC.
Brent prices were at closed on Saturday 48.98 per barrel , up 1.35 dollars , or the equivalent of 2.83%, while US crude prices also recorded a rise to a $ 46.33 per barrel , an increase of $ 1.40 or equivalent to 3.12%, while OPEC prices hit US $ 45.36 per barrel .
Oil falls amid doubts about OPEC's ability to curb oversupply
Oil closes up at the highest level during the month with expectations to extend production cut
And oil prices fluctuated during the past week between the ups and downs as a result of developments on increasing US production pressures and increasing US stocks on the one hand and the reduction of production of OPEC countries on the other.
The global oil supplies remain plentiful despite production cuts by the Organization of the process of Petroleum Exporting Countries , OPEC and some independent producers by 1.8 million barrels per day since January.