Oil prices pause after sharp falls

  • Monday 19, June 2017 in 4:07 PM
Sharjah24 – Reuters: Oil prices edged higher, on Monday, pausing for breath after coming under pressure over the past month from rising production in the United States, Libya and Nigeria, which has taken the edge off an OPEC-led initiative to support the market by cutting production.

Brent crude futures LCOc1 were trading 17 cents higher at $47.54 per barrel by 1015 GMT. 

U.S. West Texas Intermediate (WTI) crude futures CLc1 were 15 cents higher at $44.89 per barrel.

Both benchmarks are down some 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries extended a pledge to cut output by 1.8 million barrels per day (bpd) for an extra nine months. 

Analysts said a steady rise in U.S. production, along with output increases in Libya and Nigeria, which are exempt from the OPEC cuts, were undermining the OPEC-led effort in the near term.