Oil falls amid low commitment to OPEC cuts
Oil markets fell on Friday amid low degree of commitment to OPEC cuts but has been going strong weekly gains.
At 0709 GMT, futures fell for global crude measurement Brent 19 cents equivalent to 0.4 percent to $ 48.23 a barrel. Prices have increased about 3.5 percent since the beginning of the week.
US crude futures recorded WTI 45.93 dollars a barrel low 1 st 5 cents but heading towards a weekly gain of 3.8 percent.
And crude prices are still around late November levels when it pledged to a group of oil producers including Russia and the Organization of the Petroleum Exporting Countries (OPEC) to block some 1.8 million barrels per day of supplies between January and March 2018.
The US investment bank Jefferies' commitment to OPEC production cuts fell to 98 percent in June, but more importantly, that the production of the two members who are exempt currently (cuts), Libya and Nigeria became more than about 700 thousand barrels per day, about the time of the OPEC agreement in November (November) which negate the effect of about 60 percent of OPEC's cuts. And to increase US production over time it negates the effect of the rest. "
US oil production has increased more than ten percent over the last year to 9.4 million barrels per day. "Reuters"