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Oil Rise Still Below Target Amid Oil Glut


June, 16 2017
watermark Economic news

Prices of oil surged on Friday maintaining its close to six-month lows because of excess supply amid OPEC method to reduce quantity produced to boost the crude market. This was influenced by the limited export since some trades are stopped in Libya.  

Brent crude futures cost $47.12 per barrel at 0656 GMT increased by 20 cents or 0.4 percent, more than their latest arrangement. On the other hand, the U.S. West Texas Intermediate (WTI) crude futures were set at $44.56 per barrel, gained 10 cents or 0.2 percent.

Although, the current rates remained lower by13 percent since the previous month following the cut production announcement by 1.8 million barrels per day in the succeeding nine months.

Numerous exports and production from Russia heightened the present oil glut. Oil rigs from the United States, specifically shale drillers, also factor into the futile attempt of OPEC to resolve oil excess.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.