Uneven crude, pesaro Iraq resistance to cut production

Jan 4 2018, 00:00

LONDON (Reuters) - Oil prices are under pressure after Iraqi oil minister Jabar Ali al-Luaibi yesterday demanded that Baghdad be exonerated by an OPEC cut-off agreement. The downward pressure is however counterbalanced by the statements of the Iranian Oil Minister who said that Teheran will encourage other OPEC member countries to take part in the freezing of production. A negative impact on prices also comes from data on oil platforms in the United States, which showed an increase of 11 units last week. Around 12.20 Brent futures are flat at $ 51.78 a barrel, while West Texas Intermediate sells 9 cents to $ 50.76 a barrel.