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Oil prices edge up; still near 2017 lows on stubborn glut

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices on Friday bounced up off the year's lows as some producers reduced exports and U.S. rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply. Brent crude futures rose 45 cents to settle at $47.37 per barrel and U.S. West Texas Intermediate (WTI) crude settled at $44.74 per barrel, up 28 cents. Both benchmarks notched a weekly loss exceeding 1.6 percent.On Thursday, oil prices hit six-month lows. They are down more than 12 percent from late May when producers led by ...

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First Published: Sat, June 17 2017. 04:30 IST
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