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Oil prices rise with the support agreement ” OPEC ” American and production limits gains

Oil prices rise with the support agreement ” OPEC ” American and production limits gains

Oil prices rose on Friday, with support from the Organization of Petroleum Exporting Countries efforts of OPEC and other producers abroad to promote the market to cut supplies but increased US production of crude have limited gains.

According to the Reuters, by 0753 GMT was trading global London Brent crude futures at $ 56.41 a barrel, up 17 cents from the previous settlement price.

And increased WTI US mediator in the Futures 21 cents to $ 53.99 a barrel.

Activity was limited during Asian trading due to start Lunar New Year holiday in most countries of the region, including China and Singapore.

Traders said prices found support in production cuts led by OPEC members and other producers, including Russia, in order to reduce global supply glut. But they added that the growth of production in the United States wiped out in part the impact of these efforts.

The OPEC members and other producers outside the organization agreed to cut production by about 1.8 million barrels per day in the first half of 2017 to counter the oversupply that has seen the production of between one million and two million barrels of crude per day over the volume of consumption over the past two years.

But the US oil production rose by about half a million barrels per day since mid-2016 to reach 8.96 million

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