Oil prices steadied on Wednesday after the previous session's losses, as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia's pledge to deepen output cuts.
Brent crude futures were up 9 cents, or 0.1%, at $76.38 a barrel at 0039 GMT. The U.S. West Texas Intermediate crude futures rose 11 cents, or 0.2%, to $71.85 a barrel.
"The market has digested the news of Saudi's production cut and investors are now reluctant to take a large position because of mixed economic forecasts and indicators in the United States and China," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. But Saudi's deeper output cuts is unlikely to underpin a sustainable price increase into the high $80s-low $90s,on Tuesday, although UBS analysts forecast Brent at $95 a barrel by end-2023 with a supply deficit seen rising above 2 million bpd.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Oil Prices Pop After Saudi Arabia Pledges More Voluntary Production CutsThe world’s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July.
Consulte Mais informação »
Saudi Arabia cutting oil supply in move that could raise gas pricesSaudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.
Consulte Mais informação »
Saudi Arabia oil supply cut could mean higher gas prices in U.S.The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.
Consulte Mais informação »
Saudi Arabia needs more than higher oil prices to fund its grand plans | CNN BusinessRiyadh knows that it cannot rely solely on a fluctuating oil market for income. Along with its efforts to raise oil prices, it is also trying to bring in investment from abroad.
Consulte Mais informação »
Gas prices could spike after Saudi Arabia oil production cutAccording to AAA, drivers are currently paying an average of $3.55 for a gallon of regular gasoline. That is more than $1 lower than a year ago.
Consulte Mais informação »
Oil Prices Rise After Saudi Arabia Cuts ProductionOil prices rose after Saudi Arabia said it would cut oil production by 1 million barrels per day. See potential bias and similarities in coverage from CNNBusiness, thehill and DailyCaller: SaudiArabia Oil
Consulte Mais informação »