Oil prices dropped by 2% due to recovery of production

Oil prices dropped by 2% due to the recovery of production, profit-taking

NEW YORK (Reuters) – Oil prices fell about 2 percent in the course of trading on Thursday amid recovery of production in Nigeria and Canada, as well as fixing traders arrived on the eve of a long weekend in the US.

Oil OPEC countries rose in June to the maximum in recent history, as the oil industry in Nigeria partly recovered after the attacks of insurgents, and Iran and the Gulf countries have increased deliveries, a study showed Reuters on Thursday.

By 19.11 Moscow time futures for Brent fell by 1.90 percent to $ 49.65 per barrel.

Futures for WTI US crude traded at this time about the level of $ 48.72 per barrel, or 2.33 per cent from the previous close.

Oil production in Nigeria has grown to about 1.9 million barrels per day to 1.6 million due to the recovery of infrastructure and the lack of major new attacks on oil pipelines in the region of the Niger Delta, said the State Oil Company of NNPC on Monday.

However, according to economists and analysts, the global oil markets as a whole will maintain a balance in the long term, as the risks in countries such as Venezuela, may lead to new disruptions of supply.

In Norway, oil companies and trade unions began two days of talks on wages in an attempt to avoid a strike that would have reduced the production of oil and gas in the country by 6 per cent, reported the Norwegian Association of Oil and Gas.

A steady decline in US production also helps to restore the balance in the market.

According to the Energy Information Administration (EIA), released on Wednesday, US crude stocks fell for the week ending June 24, at 4.05 million barrels to 526.57 million barrels, while analysts polled by Reuters, waiting for reducing 2, 37 million.

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