Crude Oil Prices Rise Today 2017

Crude oil prices edged up at the end of trading early on Tuesday (11/07), but the oil market remained under increasing drilling activity in the United States and uncertainty about the reduction of Libya and Nigeria production.

U.S. crude futures prices West Texas Intermediate (WTI) ended up 17 cents, or 0.38 percent, at $ 44.40 a barrel.

Brent crude futures prices, an international benchmark for oil prices, rose 22 cents to $ 46.93 a barrel at 2:39 pm. ET (1839 GMT).

The Organization of the Petroleum Exporting Countries has agreed with several non-OPEC members to limit production until March 2018, but the move has failed to reduce the excess global crude.

Some of OPEC's top ministers will meet non-OPEC Russia on July 24 in St Petersburg, Russia, to discuss the current situation in the oil market.

Kuwait said on Sunday that Nigeria and Libya had been invited to the meeting and production could be limited earlier than November, when OPEC is scheduled to hold formal talks, according to Bloomberg.

However, Nigeria's oil minister was unable to attend the OPEC meeting because of prior commitments, Kuwait Oil Minister Essam al-Marzouq told reporters on Monday.

Libya said on Monday it was ready for talks but added that the political, economic and humanitarian situation should be taken into account in the issue.

Kazakhstan wants to step out gradually from an OPEC-led deal on a ban on oil production and a production increase of one or two months after the end of its term, Kazakhstan Energy Minister Kanat Bozumbayev told Russia's TASS news agency on Sunday.

Brent prices are about 17 percent below their 2017 opening despite strong OPEC compliance with a production cut deal.

BNP Paribas joins a growing list of investment banks and analysts that have reduced their crude oil price forecasts for next year. Analysts say that OPEC and Russia must compete with the fact that there is production growth elsewhere that weakens their efforts in reducing supply.Crude Oil Prices Rise Today 2017

U.S. energy company Added seven oil refineries last week, marking a 24-week rise of the top 25 and bringing the number to 763, the most since April 2015, energy services firm Baker Hughes said.

U.S. oil production Has risen by more than 10 percent since mid-2016.

Analyst Vibiz Research Center expects crude oil prices to decline with continued concerns with rising US and global crude oil production. Crude oil is expected to move within the Support range of $ 43.90- $ 43.40, and if the price rises it will move within the $ 44.90- $ 45.40 resistance range.