Oil is heading for the biggest gain

Heading futures contracts for crude oil to achieve the biggest weekly gains since mid-May to end a wave of losses lasted five weeks, where prices found support in the decline in US production.

The futures increased US crude 5.1 percent since the beginning of the week, while the global Brent crude futures rose Brent 4.8 percent to record the biggest weekly increase Van since the week ending May 19.

By 0646 GMT, US crude up 0.6 percent, or 27 cents increased to $ 45.20 a barrel.

Brent crude rose 0.6 percent, or 30 cents to $ 47.72 a barrel.

The markets found support this week in the data to indicate a decline in US production after crude prices reached their lowest level in ten months last week in light of the growing supply glut.

100 thousand barrels per day US production fell to 9.3 million barrels per day last week, its biggest weekly decline since July July 2016.

Global oil supplies are still plentiful, despite production cuts pursued by the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers by 1.8 million barrels per day since January.

Gold prices today (Saturday, July 01, 2017)
Dollar exchange rate in Iraqi banks and markets ( Saturday, July 01 2017)

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