Oil Stable As Market Eyes Ongoing Supply Cuts Amid Downturn

www.oann.com | 6/10/2019 | Staff
fufu-fefefufu-fefe (Posted by) Level 4
SINGAPORE (Reuters) – 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 0023 GMT, 7 cents, or 0.1%, above Friday’s close.

US - West - Texas - Intermediate - WTI

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.

Russia - Monday - Extension - Supply - Cuts

Russia on Monday said it might support an extension of supply cuts that have been in place since January, warning oil prices could fall as...
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