Oil prices rise after sharp losses

Oil prices rise after sharp losses

Oil prices recovered some recovered on Thursday after sharp losses in the previous session, after Kuwait said it expects to extend the efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production to the second half of the year.

By 0715 GMT, the global London Brent crude futures rose 41 cents, or 0.77 percent from the previous close to $ 53.34 a barrel.

The West Texas crude rose US futures broker 32 cents or 0.63 percent to $ 50.76 a barrel.

Traders said the gains came in the wake of statements from Saudi Arabia and Kuwait OPEC members on the extension of the organization agreement and some outside producers, including Russia, to cut production by about 1.8 million barrels per day during the first half of the year beyond June.

Traders said that prices also found support in the lower commercial crude stocks in the United States, which US Energy Information Administration said it fell by one million barrels last week to 532.34 million barrels.

The increase comes in prices on Thursday after falling already allocated indices more than 3.5 percent in the previous session after the US Energy Information Administration said that there is an increase in gasoline stocks as well as a rise in US crude oil production to 9.25 million barrels per day which is equivalent to an increase of about 10 percent since mid last year .

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