Oil Prices Stabilize After Sharp Falls Earlier In Week

www.oann.com | 7/21/2014 | Staff
morica (Posted by) Level 3
SINGAPORE (Reuters) – Oil markets stabilized on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories.

Brent crude futures, the international benchmark for oil prices, were at $68.05 per barrel at 0044 GMT, up 29 cents, or 0.4 percent, from their last close.

US - West - Texas - Intermediate - WTI

U.S. West Texas Intermediate (WTI) crude futures were up 36 cents, or 0.6 percent, at $58.27 per barrel.

“Multiple supply risks remain, as tension continues between Iran and the U.S., which could turn disruptive,” ANZ bank said on Friday.

Organization - Petroleum - Exporting - Countries - OPEC

The Organization of the Petroleum Exporting Countries (OPEC) has led supply cuts since the start of the year aimed at tightening the market and propping up prices.

ANZ said U.S. sanctions on Iran’s and Venezuela’s oil industries would likely further reduce crude exports from OPEC, of which both...
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