Oil prices gain ground, but remain near the lows of two months


Crude prices gain ground

Oil futures rose US on Friday but remained near two-month lows referring to more than one global oversupply continued to weigh.

Futures US crude for September delivery added 0.25% to $ 44.86 a barrel, nearly two-month low of 43.69 on Wednesday.

On the ICE Futures Exchange in London, the September Brent contract rose 0.52% to $ 46.44 a barrel, near a canal two months of 45.84 hit overnight.

Oil prices weakened after said the Energy Information Administration US Wednesday that crude inventories fell 2.3 million barrels last week. But the EIA said at 519.5 million barrels, inventories are at historically high levels for this time of year.

The report also showed that gasoline inventories rose by 0.9 million barrels, disappointing expectations for a decline of 0.8 million barrels. Gasoline stocks are also well above the upper limit of the average range, according to the EIA.

According to market experts, it is expected that high fuel product stocks amid slowing demand growth to keep prices under pressure in the short term.

Elsewhere, exports from southern Iraq in the first 21 days of July are said to have hit an average of 3.28 million barrels per day, compared with 3.18 million bpd in June.