Oil prices edge up 

Dhaka,  Wed,  23 August 2017
Published : 11 Jul 2017, 13:54:49

Oil prices rise on firm short-term demand outlook

Oil prices edge up 
Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak. 

Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $44.64 per barrel, up 24 cents, or 0.5 per cent.

Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks.

Crude prices are still about 17 per cent below their 2017 opening levels despite a deal led by the OPEC to cut production from January.

OPEC along with some other producers like Russia, but excluding the United States, agreed to hold back around 1.8 million barrels per day (bpd) of production between January this year and March 2018.

However, an over 10 per cent jump since mid-2016 in US production C-OUT-T-EIA to 9.34 million bpd, as well as rising output from Nigeria and Libya, OPEC-members who were exempt from cutting, have undermined efforts to tighten the market.

OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd more than in May and 1.9 million bpd more than a year earlier, according to Reuters.
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