Oil prices moved up from their recent lows on Friday, but excess supply continues to put downward pressure on the market.
The price of oil has risen towards the end of the week, from 2017 lows achieved at the beginning of June after soaring US output negated the effects of an OPEC agreement.
WTI Crude is currently up 0.65 percent at $44.75 per barrel, with Brent Crude up 0.92 percent at $47.35.
Tamas Varga, analyst at brokerage PVM Oil Associates, commented:
“The market took a breather yesterday and is trying to recover somewhat this morning. It is by no means bullish.”
Both oil benchmarks are around 13 percent lower than where they were trading in late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended a pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months.
Since then, however, rising US output has had a negative effect on prices, dampening the investor optimism that pushed up prices in the wake of the OPEC meeting.