Oil prices rose on Friday, recovering slightly after a sharp fall earlier in the week, but crude oil has weakened in the first half decline in the past two decades, despite the continuous production cut.
Brent crude futures were at $45.33 a barrel, showing an increase of 11 cents, or 0.2%, from the last session close. WTI crude futures rose 9 cents, or 0.2%, at $42.83 a barrel.
Oil prices are still lower around 15% after OPEC extended on May 25, until the first quarter of 2018. The weak markets are a result of doubt OPEC's ability and strength to stop global oversupply.