Slightly higher oil price does not stave off biggest first-half fall since 1990s
London — Oil prices edged up on Friday, recovering some of their steep losses made this week, but crude remained on course for its worst first-half decline in almost two decades, as production cuts have failed to sufficiently reduce oversupply. Brent crude futures were up 28 US cents at $45.50 a barrel at 8.30am GMT. US West Texas Intermediate (WTI) crude futures traded at $43.04 a barrel, up 30c on their previous close. Oil prices have fallen about 20% this year despite an effort led by oil cartel Opec to cut production by 1.8-million barrels per day. That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp price falls. "There is selective perception in the market at the moment. Bearish factors like higher output in Libya or Nigeria result in lower oil prices but bullish factors, like the really high Opec commitment, are ignored," said Frank Schallenberger, head of commodity resear...
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