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Oil rises to $ 61.30
Economy News Baghdad:
Oil prices rose on Thursday after falling to a five-month low in the previous session, but sentiment remains weak as markets continue to be under pressure from rising US supplies and a faltering global economy.
By 2:22 pm Baghdad time, Brent crude for the month was $ 61.30 a barrel, up 68 cents, or 1.11 percent, from the closing price of the previous session.
US WTI crude futures were $ 52.12 a barrel, up 44 cents, or 0.83 percent, from the previous settlement price.
Brent and US crude hit their lowest level since mid-January on Wednesday, at $ 59.45 and $ 50.60 a barrel respectively, amid rising crude stocks and record production in the United States and energy demand from the global economic slowdown.
US crude oil production rose to a record 12.4 million bpd in the week ending May 31, the Energy Information Administration said on Wednesday, adding 1.63 million bpd since May 2018.
US crude oil inventories jumped 6.8 million barrels in the week ending May 31 to 483.26 million barrels, their highest level since July 2017.
With abundant supplies despite OPEC-led production cuts, much depends on demand.
Bank of America Merrill Lynch said this week that "global oil demand growth is at its weakest since 2012", below 1 million barrels a day, and this "has led to a decline" in recent oil prices.
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