economy Since 2017-07-10 at 11:33 (Baghdad time)
Follow up of Mawazine News
Oil prices offset some of its losses on Monday after falling 3 percent in the previous session but markets are still under pressure from rising drilling activity in the United States and abundant supplies from OPEC producers.
London Brent crude <LCOc1> was up 22 cents, or 0.47 percent, from $ 46.93 a barrel at 0633 GMT.
US crude <LCOc1> was $ 44.42 a barrel, up 18 cents, or 0.43 percent.
Traders said price hikes were due to capture of buying opportunities following a sharp drop on Friday, but added that the market remained generally weak.
Brent prices were down 17 percent from the start of 2017 despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) to cut output in January.