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Oil prices are "stable" at the beginning of trading
21/08/2017
Trend Press / Agencies
Oil markets stabilized early on Monday, sticking to their big gains on Friday, even though the surge in US production has weighed on hopes that a 13 percent drop in oil inventories since March would boost the market.
Brent crude futures were $ 52.72 a barrel at 01:39 GMT, unchanged from their previous close.
US West Texas Intermediate crude futures were $ 48.54 a barrel, up 3 cents from the previous closing price.
This came after an increase of up to 3 percent in prices, Friday.
The rise in US production, which exceeded 9.5 million bpd, the highest level since July 2015, has led to a tightening of the market, traders said.
But the increase in US production may slow soon after energy companies cut the number of drilling platforms for a second week in three weeks, Baker Hughes Energy Services said on Friday.
Companies have cut the number of oil drilling platforms by 5 in the week ending August 18, bringing the total to 763, Bakerhaus said.
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