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Against the backdrop of increased OPEC exports .. Oil prices are falling
economy Since 2017-07-05 at 15:53 (Baghdad time)
Mawazine News - Follow up
Oil prices fell more than 1 percent on Wednesday, ending their longest rally in more than five years as sentiment eased as OPEC exports and the strength of the dollar rose.
By 1020 GMT, Brent crude futures were down 57 cents, or 1.2 percent, at $ 49.04 a barrel.
Prices rose for the eighth straight session on Monday.
WTI futures fell 63 cents, or 1.3 percent, to $ 46.44 a barrel after hitting a one-month high of $ 47.32 a barrel earlier in the session.
Oil exports from the Organization of the Petroleum Exporting Countries increased for a second month in June, according to Thomson Reuters Oil Research.
OPEC exported 25.92 million bpd in June, up 450,000 bpd in May and 1.9 million bpd more than a year earlier.
"The increase in supplies from two major oil producers could hamper oil market recovery expectations in the second half of the year," the head of the International Energy Agency said in a press release.
Traders are also eyeing weekly US crude inventories, which were delayed one day as Tuesday came to a holiday in the United States
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economy Since 2017-07-05 at 15:53 (Baghdad time)
Mawazine News - Follow up
Oil prices fell more than 1 percent on Wednesday, ending their longest rally in more than five years as sentiment eased as OPEC exports and the strength of the dollar rose.
By 1020 GMT, Brent crude futures were down 57 cents, or 1.2 percent, at $ 49.04 a barrel.
Prices rose for the eighth straight session on Monday.
WTI futures fell 63 cents, or 1.3 percent, to $ 46.44 a barrel after hitting a one-month high of $ 47.32 a barrel earlier in the session.
Oil exports from the Organization of the Petroleum Exporting Countries increased for a second month in June, according to Thomson Reuters Oil Research.
OPEC exported 25.92 million bpd in June, up 450,000 bpd in May and 1.9 million bpd more than a year earlier.
"The increase in supplies from two major oil producers could hamper oil market recovery expectations in the second half of the year," the head of the International Energy Agency said in a press release.
Traders are also eyeing weekly US crude inventories, which were delayed one day as Tuesday came to a holiday in the United States
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