28/07/2017
Oil
prices dropped on Friday, but remain near the highest level in eight
weeks, supported by a drop in US suppklies and OPEC's efforts to preserve. By 0650 GMT, global benchmark crude was down 8 cents, or 0.2 percent, at $ 51.41 a barrel. West Texas Intermediate crude futures were down 10 cents or 0.2 percent at $ 48.94 a barrel. In
the previous session, crude rose to its highest level since May 31,
supported by the rise in gasoline futures in the United States after
receiving support from OPEC's latest efforts to cut exports and a sharp
drop in US crude inventories. Data
from the US Energy Information Administration showed that crude
inventories in the United States fell sharply by 7.2 million barrels in
the week ending June 21 due to strong refining activity and increased
exports. Oil
prices have found support in a new deal between OPEC and some outside
producers to curb Nigerian production and encourage some members to
comply with production cuts they have pledged. Since
the world's top oil producers held a meeting in St. Petersburg on
Monday, crude prices have risen nearly 6 percent, supported by
expectations of deeper cuts. Saudi
Arabia, the actual leader of OPEC, said it planned to cut crude exports
to 6.6 million bpd in August, about 1 million barrel per day less than a year
earlier.
