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7/8/2016, 9:55 AM (Source: TeleTrader)
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Oil rises, but still below $47 per barrel

Prices of crude oil began recovery on Friday as most of the stock markets in Europe opened for trade at 9:00 a.m. CET but were still off 2016 highs. Oil inventories around the world still put downward pressure of prices, and outlook for demand for crude oil and petroleum products looks uncertain with many economies dragging their feet.

Premium international blend Brent for September delivery rose 0.97% to $46.90 a barrel at ICE Futures Europe at 9:44 a.m. CET.

West Texas Intermediate for delivery in August traded 0.85% higher at $46.28 a barrel at 9:42 a.m. CET.

The Organization of the Petroleum Exporting Countries reported the OPEC daily basket price of 14 crudes at $44.18 a barrel on Thursday, a bit lower from $44.35 a barrel on Wednesday.

Futures of crude slumped over 5.5% yesterday touching two-month lows. The drop followed the weekly report from the United States Energy Information Administration (EIA), which said commercial crude stocks decreased by 2.22 million barrels to 524.35 million barrels.

Field output of crude oil declined in the U.S. from the beginning of January. It fell from 9.1 million barrels per day to 8.4 million, measured by the EIA in the week through July 1.

Breaking the News / ZR