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Oil is rebounding after a few days of decline
10:30 - 20/06/2018
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Information / Baghdad ..
Oil prices rose in early Asian trading on Wednesday, supported by the US Petroleum Institute's announcement of a drop in US crude oil inventories.
US crude inventories fell by 3 million barrels in the week ending June 15 to 430.6 million barrels, according to the institute's weekly report.
Global Brent crude futures were up 22 cents, or 0.3 percent, at $ 75.30 a barrel at 0008 GMT on Monday.
US West Texas Intermediate crude futures rose 27 cents, or 0.4 percent, to $ 65.34 a barrel.
A meeting of OPEC and its allies on Friday in Vienna casts a shadow over markets. They are expected to make a decision during the meetings on whether they will increase global production and how much the increase will be. These production have been curbed since 2017.
But Iran said OPEC was unlikely to reach an agreement on oil production this week, opening the door to a clash with Saudi Arabia and Russia, which are pushing for more supplies. Ending / 25
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