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Oil prices bounce but stuck near 2017 lows on supply overhang

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices edged up on Friday from 2017 lows as some producers cut back on exports, but the market was poised for a fourth week of losses as OPEC-led production cuts failed to allay concerns over global oversupply. Oil prices hit six-month lows on Thursday and have tumbled more than 12 percent from late May when producers led by the Organization of the Petroleum Exporting Countries extended a pledge to cut output by 1.8 million barrels per day (bpd) for six months by another nine more months. Brent crude futures rose 31 cents to $47.23 per barrel by 10:57 ...

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First Published: Fri, June 16 2017. 21:51 IST