Oil edges up after steep fall; OPEC cuts, stocks draw support
Wednesday, 3 July 2019 13:34 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

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

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