Oil prices are approaching $ 47 a barrel

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Natural Resources of Iraq

Oil prices offset some of their losses on Monday, after falling 3 percent in the previous session but markets are still under pressure from rising drilling activity in the United States and abundant supplies from OPEC producers.

US crude futures rose 22 cents, or 0.47 percent, from the previous close to $ 46.93 a barrel.

US crude was up 44 cents at $ 44.42 a barrel, up 18 cents, or 0.43 percent.

Traders said price hikes were due to capture of buying opportunities following a sharp drop on Friday, but added that the market remained generally weak.

Brent prices were down 17 percent from the start of 2017 despite an agreement by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in January.

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