Oil with the worst performance for the first half of the year since 1998

The weakness of the dollar and weaker production in the US have triggered a rise in oil prices over the week. However, this did not prevented the raw material from registering its worst performance for the first half of 1998.
Brent finished the first six months of the year, at levels of nearly $49 a barrel, and US crude at $46.30 a barrel.
Thus, since the beginning of the year, the Brent has lost 15% of its value, and US crude oil - nearly 18%. This is also their biggest decline for the first six months since 19 years, statistics show.
The start of the sharp decline in oil has happened surprisingly after the decision by the OPEC countries to continue their production cuts by March next year.
The effect of the decision, however, was largely offset by the data that producers such as Nigeria and Libya virtually increased their production in May of this year.
In addition, data for a faster-than-expected growth in US production also had a negative impact on oil prices. Increased production is also present with other non-OPEC producers - including Brazil and Canada.