Singapore — Oil prices edged up on Friday but remained near six-month lows, held down by an ongoing supply overhang that persists despite an Opec-led effort to cut production and prop up crude markets. Brent crude futures were at 47.12 per barrel at 06.56 GMT, 20 cents, or 0.4%, above their last settlement. US West Texas Intermediate (WTI) crude futures were at 44.56 per barrel, up 10c, or 0.2%. Traders said the slight increases were a result of a partial export halt in Libya. However, prices for both benchmarks are still down by around 13% since late May, when producers led by the Organisation 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 until the end of the first quarter of 2018. Rising US oil output, particularly from shale drillers, is contributing to the ineffectiveness of the Opec-led cuts. "Oil is unlikely to find solace into the weekend either, with tonight’s Baker Hughes Rig Coun...
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