LONDON (Reuters) - Oil prices rose in the European market on Friday, resuming a move temporarily halted yesterday by correction from the highest level in six weeks, ahead of the meeting of the committee to monitor the global production cut-off agreement in Saint Petersburg, Russia, To discuss the high levels of production in the two countries exempt from the agreement.
By 0850 GMT, US crude rose to $ 47.10 a barrel from the opening level of $ 46.88, recording a high of $ 47.16 and a low of $ 46.84.
Brent crude rose to $ 49.50 a barrel from the opening level of $ 49.28, recording a high of $ 49.60 and a low of $ 49.21.
Crude oil yesterday lost 0.7 percent, the first loss in three days, by correction after US crude hit a six-week high of $ 47.72 a barrel. Brent crude fell 0.6 percent after hitting a high of $ 50.17 a barrel since June 6, Last June.
Over the course of the week, oil prices rose more than 1 percent on their way to record their second consecutive weekly gain, supported by rising demand levels in China, the world's second-largest oil consumer, and a drop in US crude inventories to a six-month low.
The committee to oversee the implementation of the world production cut-off agreement will meet on Saturday in St. Petersburg, Russia, at the technical level, with the meeting starting at the ministerial level on Monday.
Delegates from Libya and Nigeria are due to attend the ministerial meeting to discuss the rise in production in the two countries exempted from the deal.
Libya's oil production rose to 1.1 million bpd in July, the highest level since 2013, and Libya pumped about 700,000 barrels in January.
Mustafa Sannallah, president of Libya's National Oil Company, said he would lead his country's delegation to the meeting of the OPEC Implementation Control Committee and independent producers.
OPEC is trying with independent producers to balance the market and reduce global crude stocks to an average of five years. The process is facing severe difficulties, especially with the accelerated production of shale oil in the United States, the rise in production in Libya and Nigeria, and the decline in compliance by OPEC producers with cuts.
Thanks ..Good one.
Your most welcome