Oil prices rise

AFP, SINGAPORE: Oil prices recovered yesterday but stayed near two-month lows as increased US drilling, a strong dollar and hints of higher production by Iran and Libya brought worries about a global glut back into focus.
The commodity has retreated since last month, when prices rose above $52 a barrel, as supply disruptions in Nigeria and Canada eased and the fall in US output slowed.
Britain's vote on June 23 to leave the European Union saw the dollar rise against most other currencies in a flight to safe-havens, hitting demand in countries with weaker units.
At about 0700 GMT, US benchmark West Texas Inter-mediate was 21 cents higher at $44.97 while Brent was 30 cents up at $46.55. Tehran plans to double crude exports so long as the rise in shipments is absorbed by global markets, according to a senior official at state-run National Iranian Oil Co., Bloomberg News reported.

Oil prices rise

AFP, SINGAPORE: Oil prices recovered yesterday but stayed near two-month lows as increased US drilling, a strong dollar and hints of higher production by Iran and Libya brought worries about a global glut back into focus. The commodity has retreated since last month, when prices rose above $52 a barrel, as supply disruptions in Nigeria and Canada eased and the fall in US output slowed. Britains vote on June 23 to leave the European Union saw the dollar rise against most other currencies in a flight to safe-havens, hitting demand in countries with weaker units. At about 0700 GMT, US benchmark West Texas Inter-mediate was 21 cents higher at $44.97 while Brent was 30 cents up at $46.55. Tehran plans to double crude exports so long as the rise in shipments is absorbed by global markets, according to a senior official at state-run National Iranian Oil Co., Bloomberg News reported.