Oil prices are growing, remaining at low levels since the beginning of the year

© RIA Novosti / RIA to Novoshepelychi in photobacteria pump at an oil well. Archival photoOil prices are growing, remaining at low levels since the beginning of the year© RIA Novosti / RIA to Novoshepelychi the image Bank

Oil prices on Friday morning increased, they remain at the lowest level for the current year on the background of concerns of investors on the global oversupply of the market of «black gold», according to the auction.

As at 07.59 GMT the cost of the August futures for North sea petroleum mix of mark Brent have grown on 0,42%, to of 45.41 per barrel. The price of August futures on WTI increased by 0.42% to 42.92 USD per barrel.

The price of oil has dropped 20% since the beginning of the year, despite efforts by OPEC to reduce production of «black gold». For the current week have been two of the sharp decline in oil prices, when oil prices brands Brent and WTI became cheaper by more than 3%, which was caused by the anxiety of traders concerning the oversupply of the commodity.

Investors also reacted to data on the growth of raw material extraction in the US over the past week. According to the energy of the country, oil production in the country for the week ended June 16 increased by 0.21%, or 20 thousand barrels per day, up to 9,350 million barrels per day. Distillate stocks increased from the figure of the previous week by 1.1 million barrels, or 0.7%, to 152.5 million barrels. Experts predicted an increase of 0,465 million barrels.

«Markets are skeptical about the ability of OPEC to balance the prey,» reports Reuters, the analysts at ANZ Bank. OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

Market participants expect data from the us oil service company Baker Hughes the number of rigs in the country. For the week ended June 16, the number of drilling rigs in the US increased by 6 units, or 0.65%, to 933 units.

Oil prices are growing, remaining at low levels since the beginning of the year© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market

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