Saudi - Iraqi relief of the recovery of the oil market
24/10/2017 12:00 am
[rtl]Riyadh / Follow-up morning
Saudi Arabia and Iraq have expressed satisfaction with the global oil market's drive to recover as a result of an agreement to raise prices by cutting production, state media reported.
OPEC, Russia and a number of other oil producers will cut production until March 2018 in an effort to raise crude prices.
As oil prices rose on Monday on supply concerns in the Middle East and new signs of a shrinking supply-demand gap in the US market as Asian demand continues to climb.
Brent crude was $ 57.87 a barrel by 0622 GMT, up 12 cents, or 0.21 percent above last closing.
West Texas Intermediate crude <LCOc1> was $ 52.04 a barrel, up 20 cents, or 0.39 percent.
"Oil prices are stable above $ 50 because the potential disruption of supplies in the Kurdistan region of Iraq is supporting prices," said William Olulin, an analyst at Rifkin Securities.
"US production has been affected by a cyclone for the second time in two months and the number of US drilling platforms has fallen for the third week in a row."
Energy services firm Baker Hughes said on Friday that the number of US oil drilling platforms dropped seven platforms to 736 platforms in the week ending Oct. 20, the lowest since June.[/rtl]
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