23.06.201702:06:00UTC+00Oil Rises But Still Poised for Worst First-Half Decline in Two Decades

Crude oil prices managed to rebound and recover some of the steep losses earlier in the week. However, it is still set for the worst first-half performance in 20 years in spite of efforts to shore up prices.

Brent crude futures traded at $45.39 per barrel, rising 17 cents from their last close or 0.3 percent. Meanwhile, U.S. WTI crude futures traded up 17 cents or 0.4 percent at $42.91 per barrel.

Oil prices have declined by almost 20 percent this year despite of an initiative led by OPEC to reduce output by 1.8 million bpd that has been implemented since January. That is the worst first-half performance for crude since 1997.

The tepid markets are due to doubts regarding OPEC's ability to curb a crude supply overhang that has affected the markets since 2014 as productions continue to largely outpace demand. The rising activity of U.S. oil producers has also undermined efforts by OPEC and other exporting countries who joined the production cut deal.