Oil edges up, but set for worst H1 performance in 20 years

Oil prices edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts.

As of 07:59am (MSK) Brent crude futures were at $45.41 per barrel, up 0.42% from their last close. US West Texas Intermediate (WTI) crude futures were up 0.42% at $42.92 per barrel, Business Standard reported.

Oil prices have fallen about 20% this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million bpd that has been in place since January.

Thanks largely to shale drillers, US oil production has risen by more than 10% over the last year to 9.35 million bpd. US distillate inventories rose by 1.1 MMbbls to 152.5 MMbbls on June 9–16, 2017.