Oil prices were steady on Wednesday after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand.
Prices were also supported by widely-watched data showing a larger-than-expected drawdown in U.S. crude oil inventories, with government data due later in the day.
Brent crude futures (LCOc1) for September delivery were trading up 12 cents, or 0.2%, at $62.52 a barrel by 06:13 GMT.
U.S. crude futures for August (CLc1) were up 16 cents, or 0.3%, at $56.41 a barrel. Both benchmarks fell more than 4% on Tuesday as worries about a slowing global economy.
The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
Source : Reuters
Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to concerns over weakening demand. West Texas Intermediate for January delivery fell 32 cents, or 0.5%, to $58.92 a barrel on the New York Mercantil...
Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC's agreement with associated producers at the end of last week to deepen crude output cuts in early 2020. Brent futures were down 14 cents, or 0.2%, at $64.11 per ba...
Oil was little changed as investors weighed an expected drop in American crude stockpiles against the possibility of the U.S. imposing extra tariffs on a new $160 billion swath of Chinese goods this Sunday. West Texas Intermediate for January delivery was down 13 cents to $58.89/bbl on the New...
Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members. Futures in New York edged lower after climbing 1.3% Friday to cap a 7.3% weekly advance, the most since mid-Jun...
Oil retreated from a 12-week high as optimism spurred by Saudi Arabia's surprise output cut was overshadowed by demand concerns. West Texas Intermediate for January delivery fell 28 cents, or 0.5%, to $58.92 a barrel on the New York Mercantile Exchange as of 9:47 a.m. in Singapore. The contrac...