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Oil rises 5% after production cuts and demand hopes
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[rtl]Baghdad / Nina / Oil prices rose five percent in the second weekly gain in a row, as American producers cut production as the number of drilling rigs went down to a historic low, while more US states went ahead with plans to ease public isolation measures aimed at curbing the HIV pandemic Sk.
And Brent crude was settled, up $ 1.51, or 5.1 percent, to $ 30.97 a barrel. West Texas Intermediate crude futures gained $ 1.19, or five percent, to $ 24.74 a barrel.
Both benchmarks recorded gains for the second week, with Brent advancing more than 18 percent this week, and West Texas Intermediate increased by 33 percent.
Iraq has not yet notified its traditional oil buyers of a cut in exports, indicating that it is finding it difficult to comply fully with supply cuts. / End 8[/rtl]
And Brent crude was settled, up $ 1.51, or 5.1 percent, to $ 30.97 a barrel. West Texas Intermediate crude futures gained $ 1.19, or five percent, to $ 24.74 a barrel.
Both benchmarks recorded gains for the second week, with Brent advancing more than 18 percent this week, and West Texas Intermediate increased by 33 percent.
Iraq has not yet notified its traditional oil buyers of a cut in exports, indicating that it is finding it difficult to comply fully with supply cuts. / End 8[/rtl]
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