Singapore — Oil edged up on Friday, recovering slightly from steep falls earlier in the week, but is set for the worst performing first-half in two decades despite ongoing production cuts. Brent crude futures were at $45.31 a barrel at 2.22am GMT, up 9c, or 0.2%, from their last close. US West Texas Intermediate (WTI) crude futures were up 10c, or 0.2%, at $42.84 a barrel. Oil prices have fallen about 20% in 2017 despite an effort led by oil cartel Opec to cut production by 1.8-million barrels a day that has been in place since January. That is the worst first-half performance for crude oil since 1997, when rising output and the Asian financial crisis led to sharp price falls. The weak markets are a result of doubts over Opec’s ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption. "Markets remain sceptical of Opec’s ability to balance supplies," ANZ bank said on Friday. At the heart of the glut is that rising pro...
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