31 May '16, 8am

U.S. oil rises, global crude weaker on strong Middle East output: SINGAPORE (Reuters) - U.S. oil prices rose

LONDON Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an OPEC meeting later this week, while U.S. crude edged higher as the summer driving season began. Brent crude oil futures were down 40 cents at $49.36 a barrel by 0839 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures traded 10 cents higher at $49.43 a barrel. Iraq will supply 5 million barrels of extra crude to its international oil company partners in June, industry sources familiar with the issue said, joining other Middle East producers by lifting market share. Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries, had already been targeting record crude export volumes from southern terminals next month of 3.47 million barrels per day. Asian imports of Iranian oil rose more than 13 percent in April from a year before as Tehran...

Full article: http://www.reuters.com/article/us-global-oil-idUSKCN0YM01...

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