Oil prices pared some of its losses yesterday when prices fell by the most in a month, as concerns over oil supplies due to emerging market crises and trade disputes that could affect demand.
U.S. crude rose to its highest level since the start of trading at $ 69.11 per barrel, while Brent crude rose to reach $ 78.61 a barrel. U.S. crude is heading for a 1.5% gain this week and Brent crude heading to 1.8%.
The International Energy Agency (IEA) yesterday warned of rising prices, despite the strength of the oil market at present and global demand would reach 100 million barrels per day during the next three months; the global economic risks are mounting.
Supply concerns supported by data showing that crude production in the United States fell by 100,000 barrels per day to 10.9 million barrels last week, although the United States is likely to surpass both Russia and Saudi Arabia to become the world's largest oil producer during 2018 and through 2019.
