Oil rises all thanks to production cuts

Oil prices rose Thursday after big losses in the previous session , supported by a strong commitment to the global production cuts , but the increase in US oil inventories continued to limit gains.
And it reached the Organization of the Petroleum Exporting Countries [OPEC] and oil producers from the outside to last year’s agreement to cut production about 1.8 million barrels per day in the first half of 2017, while investors pay close attention to the levels of compliance with the agreement is important.
The Kuwaiti oil minister said on Wednesday that the commitment of the members of OPEC production cuts exceeded the target of 140 percent in February, while the rate of commitment to producers outside OPEC reached between 50 and 60 percent.
By 0637 GMT , futures rose to global crude measurement Brent 42 cents, equivalent to 0.79 percent to $ 53.53 a barrel. Crude futures ended the previous session low of five percent to $ 53.11 after it affected a record increase in US oil inventories.
And increased the futures of the American WTI 32 cents or 0.64 percent to $ 50.6 a barrel. Crude fell 5.38 percent to $50.28 a barrel in the previous session , its lowest level since December
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