Oil Stable as Market Eyes Ongoing Supply Cuts Amid Downturn
Tuesday, 11 June 2019 07:57 WIB | COMMODITY |MinyakWTIBrent

Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.

Front-month Brent crude futures, the international benchmark for oil prices, were at $62.36 at 00:23 GMT, 7 cents, or 0.1%, above Friday's close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.42 per barrel, 16 cents, or 0.3%, above their last settlement.

Prices fell by around 1% in the previous session and crude futures are down by some 20% from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption.

Source : Reuters

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