Economy News Baghdad:
Oil prices near $ 61 approached on Friday due to OPEC supply cuts and Saudi Arabia and Qatar raising crude prices.
Brent oil at 12:30 GMT Baghdad, $ 60.92 a barrel, up 0.46% from Thursday, while the price of a barrel of West Texas crude was $ 54.84, up 0.55%.
Oil prices are on the rise due to OPEC's move to extend the deal to cut production to pull 1.8 million barrels per day from the market as well as boost demand for oil. Saudi Arabia and Qatar also raised crude prices.
Iraq sells its oil for less than seven dollars from the global market because it contains impurities that need to be liquidated by buyers.
"Our estimated oil figures include a limited global drawdown of stocks in 2017, which is hardly enough to compensate for the substantial increases from 2014 to 2016. Furthermore, we estimate the resumption of global stockpiles in 2010," said Harry Chillingwirian of BNP Paribas. 2018 ".
He added that the rise in US production, which has increased more than 13 percent since mid-2016 to 9.6 million barrels per day, led to increased exports.
Oil is approaching $ 61
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