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Oil edges up but remains near half-year lows as supply overhang weighs

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices edged up on Friday but remained near six-month lows, held down by an ongoing supply overhang that persists despite an OPEC-led effort to cut production and prop up crude markets.Brent crude futures were at $47.12 per barrel at 0656 GMT, 20 cents, or 0.4 percent, above their last settlement.U.S. West Texas Intermediate (WTI) crude futures were at $44.56 per barrel, up 10 cents, or 0.2 percent.Traders said the slight increases were a result of a partial export halt in Libya.However, prices for both benchmarks are still down by around 13 ...

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First Published: Fri, June 16 2017. 12:32 IST