Oil futures surge slightly
On Friday, crude oil futures rose during Asia trade, though gains were pared following huge falls in the previous trading session as market participants reassessed American data underlining oversupply in petroleum, while Iraqi oil exports keep soaring.
US West Texas Intermediate crude futures gained 6 cents, being worth $44.81 per barrel. The contract descended 2.2% yesterday.
Brent crude futures acquired 14 cents, trading at $46.34 per barrel. On Thursday, the global benchmark closed 2.1% lower. The given benchmark has found itself on track for a sag of almost 3% this week.
The global crude oversupply in has been easing, though with huge amounts of oil being held in tanks as well as tankers on land and water, the rebalancing might take longer than many expected.
There’s so much crude in storage, so it will take months to feel the erosion of the overhang, as many energy analysts state.
Iraq's crude exports are set to soar in July, according to loading data as well as an industry source, thus putting supply growth from OPEC's second-largest producer back on track after two tumbling months.