Oil
Brent oil price at $51 at week ending August 11
- Brent crude price at $51.80 per barrel while WTI sees $48.48 on Friday

International benchmark Brent crude dropped by 0.19 percent to $51.80 per barrel on Friday at 12.53 GMT.

American benchmark West Texas Intermediate (WTI) decreased by 0.23 percent to $48.48 at 12.54 GMT.

The pressure on global oil prices increased after reports surfaced showing an increase in global oil production.

On Friday, the International Energy Agency (IEA) reported that global oil supplies soared by 520 thousand barrels per day in July to 98.16 million barrels per day.

On Thursday, OPEC said its oil output in July increased by 173 thousand barrels per day to 32.87 million barrels per day.

The oil market is eyeing the weekly oil rig count from Baker Hughes, who reported last week that the rig count dropped by one to 765.

By Zeynep Beyza Kilic

Anadolu Agency

energy@aa.com.tr

 

11 Aug,2017
OIL NEWS