18/11/2018
SINGAPORE (Reuters)
Oil prices rose on Friday amid expectations of a cut in supplies from the Organization of the Petroleum Exporting Countries (OPEC), although affected by a record increase in US production.
Brent crude futures were $ 67.49 a barrel by 0747 GMT, up 87 cents, or 1.3 percent, from the previous settlement.
US WTI crude futures rose 50 cents, or 0.9 percent, to $ 56.96 a barrel.
Prices have received support mainly from expectations that OPEC will cut production soon for fear that the trend of crude to fall again, as happened in 2014 under the weight of supply.
While OPEC is considering curbing supplies, US crude production hit a new record last week at 11.7 million bpd, according to data released by the US Energy Information Administration on Thursday.
US production has risen about 25 percent since the beginning of this year.
Crude inventories rose 10.3 million barrels in the week ending Nov. 9 to reach 442.1 million barrels, which is the highest level since early December 2017.
