Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since late June and are at their highest level since November 2022, following extended supply cuts by Saudi Arabia and Russia. Earlier this month, Saudi Arabia, which leads the Organisation for Petroleum Exporting Nations cartel, surprised markets by extending its 1m barrels per day supply cut, which began in July, until the end of the year. But Opec’s own analysis last week pointed to a major oil shortfall of 3.3m barrels per day over the next three months as global demand outstrips supply.

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History of this topic

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
2 weeks, 6 days ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Saudi Arabia is losing its iron grip on global oil markets
3 weeks ago

Saudi Arabia is losing its iron grip on global oil markets

Live Mint  

Saudi Arabia’s sway over the Organization of the Petroleum Exporting Countries long meant unquestioned dominance of the global oil market. “They won’t be able to bring oil back online next year," said a Saudi official. “It’s really easy to be part of a cartel when a market is growing," said Jorge León, a Rystad Energy analyst who formerly worked for …

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell
3 weeks, 2 days ago

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, - Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered some of its barrels in what may be an early sign of a shift in market dynamics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day in November, up from …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
3 weeks, 4 days ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

Oil settles down on strong US supply, losses capped by Ukraine escalation
1 month ago

Oil settles down on strong US supply, losses capped by Ukraine escalation

Live Mint  

By Georgina McCartney HOUSTON -Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine. Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
1 month, 3 weeks ago

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again

Associated Press  

Oil prices are falling as the reality of weak global demand takes center stage again. The price of benchmark U.S. crude tumbled 6% Monday after a weekend retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world's seventh largest producer of crude. This puts the price of a barrel of U.S. crude well under …

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
1 month, 3 weeks ago

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Global oil prices are falling …

Saudi minister warns of $50 oil as OPEC+ members flout production curbs
2 months, 3 weeks ago

Saudi minister warns of $50 oil as OPEC+ members flout production curbs

Live Mint  

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. But geopolitical tensions have persisted for months without meaningful effect on oil prices, and the declines have been frustrating for Saudi officials in part because other …

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
4 months, 2 weeks ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil giant Aramco reported …

Russian deputy PM says global oil market will be balanced from second half of 2024
5 months, 1 week ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices
6 months, 3 weeks ago

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

India TV News  

Dubai: OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. On Sunday, OPEC+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 …

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
6 months, 3 weeks ago

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia and allied oil …

Oil producers led by Saudis extended supply cuts amid slack prices
6 months, 3 weeks ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

Opec cartel to extend cuts to oil output in bid to prop up prices
6 months, 3 weeks ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

Oil rises on Saudi Arabia’s decision to hike prices, brent crude at $83.39/bbl
7 months, 2 weeks ago

Oil rises on Saudi Arabia’s decision to hike prices, brent crude at $83.39/bbl

Live Mint  

Oil futures saw an increase on Monday following Saudi Arabia's decision to raise June crude prices for most regions. “Crude Oil prices are seen trading positive today after Saudi Arabia raised its official oil selling price for most regions, and on fading hopes of a ceasefire in the Israel-Hamas war, however, price gains look limited as supply from the middle-east …

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge
8 months ago

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge

Live Mint  

Brent crude futures have surged 13.4% this year so far to $87.26 per barrel, propelled by escalating tensions in the Middle East, OPEC supply cuts, attacks on energy infrastructure between Ukraine and Russia, and increased oil demand from major consuming nations, all of which have tightened the market. Iran is the third largest producer in the Organization of the Petroleum …

Saudi Arabia Needs Oil Price Near $100, IMF Says
8 months ago

Saudi Arabia Needs Oil Price Near $100, IMF Says

Hindustan Times  

Saudi Arabia will need a higher oil price than previously thought this year as the OPEC leader spearheads the group’s production cuts, according to the International Monetary Fund. Saudi Arabia Needs Oil Price Near $100, IMF Says Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 …

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
8 months, 3 weeks ago

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87

Live Mint  

International crude oil prices rebounded and rose by more than $1 per barrel on Thursday, March 28, after falling for two consecutive sessions ahead of the policy decision by the Organisation of Petroleum Exporting Countries. Brent crude futures for May were last up $1.21, or 1.4 per cent, at $87.30 per barrel, while the more actively traded June contract rose …

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants
9 months, 3 weeks ago

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

Associated Press  

NEW YORK — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter. Despite the recent increase, Brent’s going price is still modest — …

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts
1 year ago

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts

The Telegraph  

Vladimir Putin and the leader of Saudi Arabia have urged members of the Opec+ oil cartel to follow through with an agreement to cut supplies as oil prices plunge. The joint statement read: “In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the Opec+ countries in enhancing the stability of …

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts
1 year ago

Oil down 2%, posts weekly loss as investors see limited effect of OPEC+ cuts

Live Mint  

Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, settled lower by 0.8 per cent at ₹6,231 per bbl, having …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year ago

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

Associated Press  

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

OPEC+ agrees voluntary oil production cuts
1 year ago

OPEC+ agrees voluntary oil production cuts

Al Jazeera  

Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output cuts for the first quarter of 2024. OPEC+ producers have agreed to voluntary oil output cuts for the first quarter next year in an attempt to boost the market, but crude prices fell after the move. Saudi Arabia, Russia and other members of OPEC+, who pump more than …

Oil price climbs as Saudi-led cartel agrees to cut production
1 year ago

Oil price climbs as Saudi-led cartel agrees to cut production

The Telegraph  

The price of crude oil fell after a cartel of oil-producing nations led by Saudi Arabia surprised the market by issuing a statement that failed to include an expected pledge to cut production by another million barrels per day. The online gathering of producers aimed to prop up the declining price of oil and has ended with an agreement to …

Oil ticks higher ahead of OPEC+ policy decision; Brent at $82/bbl
1 year ago

Oil ticks higher ahead of OPEC+ policy decision; Brent at $82/bbl

Live Mint  

Oil prices rose on Wednesday, November 29, as investors turned their attention to the output policy decision by the Organisation of Petroleum Exporting Countries and its allies, while supply disruption caused by a storm in the Black Sea combined with lower US inventories to drive buying. Back home, on the Multi Commodity Exchange, crude oil futures due for a December …

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
1 year, 1 month ago

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023

Live Mint  

World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to …

Israel-Hamas war: Oil prices surge by over 4.5% amid Middle East tensions
1 year, 2 months ago

Israel-Hamas war: Oil prices surge by over 4.5% amid Middle East tensions

Hindustan Times  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

Oil prices jump more than $4 as Middle East violence rattles markets
1 year, 2 months ago

Oil prices jump more than $4 as Middle East violence rattles markets

The Hindu  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

Global oil prices could hit $100 a barrel: How it will impact the world
1 year, 3 months ago

Global oil prices could hit $100 a barrel: How it will impact the world

Firstpost  

The increasing oil prices complicates the global fight against inflation and feeds Russia’s war chest. That poses problems for politicians as well as the people having to spend more to get to work, transport the world’s goods or harvest fields The year 2023 is seeing a major increase in crude oil prices, with Brent Crude rising by nearly 19 per …

Saudi cuts Asian Premium after India taps Russian oil
1 year, 3 months ago

Saudi cuts Asian Premium after India taps Russian oil

Live Mint  

NEW DELHI : Saudi Arabia, the world’s second largest oil producer, has slashed the premium charged on exports to India while many others have discontinued it altogether, a person aware of the matter said, after India began sourcing the bulk of its energy requirements from Russia. Top Asian buyers China and India, the second and third largest importers of crude …

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl
1 year, 3 months ago

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl

Live Mint  

Oil prices rose about 1 per cent on Tuesday, September 12, boosted by a tighter supply outlook, after oil producers Saudi Arabia and Russia extended their voluntary oil supply cuts till the end of the year. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 1.73 per cent …

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall
1 year, 3 months ago

OPEC cuts 2023 oil demand outlook to 29 mbpd, Saudi cut gives 3 mbpd shortfall

Live Mint  

The Organisation of Petroleum Exporting Countries, in its latest monthly oil market report for September, has revised down the global oil demand for 2023 by 1 lakh barrels per day to 29.2 million barrels per day - which is 8 lakh bpd higher than 2022. The report comes days after Saudi Arabia and Russia, two of the most prominent members …

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut
1 year, 3 months ago

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut

News 18  

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated …

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
1 year, 3 months ago

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 3 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Oil pares gains as rate hike fears offset US crude inventory drop; check prices
1 year, 5 months ago

Oil pares gains as rate hike fears offset US crude inventory drop; check prices

Live Mint  

Oil gave up most of its earlier gains on June 28 as worries over further interest rate hikes and slowing demand offsets support from an industry report showing a larger-than-expected drop in US crude inventories. Back home, on the Multi Commodity Exchange, crude oil futures due for a June 16 expiry, was last trading lower by 0.39 per cent at …

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market
1 year, 5 months ago

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market

News 18  

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world’s largest producers. RBC Capital Markets analyst Helima Croft said there were concerns that Putin would declare martial law, preventing workers from showing …

Oil and natural gas prices rise after weekend of turmoil in Russia
1 year, 5 months ago

Oil and natural gas prices rise after weekend of turmoil in Russia

CNN  

Hong Kong/London CNN — Oil and natural gas prices climbed Monday, while wheat prices briefly spiked higher, as investors reacted to the weekend’s brief and chaotic insurrection in Russia. “Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” analysts at Rystad Energy wrote …

Good news! Petrol, diesel prices to come down soon | Here is WHY
1 year, 6 months ago

Good news! Petrol, diesel prices to come down soon | Here is WHY

India TV News  

Petrol and diesel price cut: Consumers can get good news very soon regarding the petrol and diesel price cut. Depend on price of crude oil Oil companies' valuations appear reasonable but a sharp jump in crude prices during elections could pose risk to OMCs marketing earnings, the report said. However, OMCs marketing segment earnings could come under risk if Brent …

Oil Prices Rise on Growing Chinese Demand and OPEC+ Supply Cuts
1 year, 6 months ago

Oil Prices Rise on Growing Chinese Demand and OPEC+ Supply Cuts

News 18  

Oil edged higher on Friday and was on course for a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. Russian Energy Minister Nikolai Shulginov said it was “realistic” to reach oil prices of around $80 per barrel, Russian state news agencies …

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns
1 year, 6 months ago

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns

Live Mint  

JPMorgan has cut its oil price forecasts for this year and 2024 as it sees the global supply growth offsetting a record rise in demand, while inventory build-up lowers the risk of price spikes. JPMorgan sees global oil supply growing by 2.2 million barrels per day in 2023, surpassing projected demand growth of 1.6 million bpd. "It is becoming increasingly …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 6 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers
1 year, 6 months ago

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Associated Press  

FRANKFURT, Germany — Saudi 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. The Saudi cut of 1 million barrels per day, to start in July, …

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July
1 year, 6 months ago

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July

News 18  

Oil prices rose by more than 1% on Monday after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day from July to counter macroeconomic headwinds that have depressed markets. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom’s output would drop to …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 6 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices
1 year, 6 months ago

Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

The Hindu  

Saudi Arabia said on June 4 that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. “This is a grand day for us, because the quality …

Saudi Arabia announces fresh output cut to boost oil price
1 year, 6 months ago

Saudi Arabia announces fresh output cut to boost oil price

New Indian Express  

The announcement came following a meeting of the 13-member Organization of the Petroleum Exporting Countries headed by Saudi Arabia and its 10 partners, led by Russia. In April, several OPEC+ members agreed to cut production voluntarily by more than one million bpd -- a surprise move that briefly buttressed prices but failed to bring about lasting recovery. 'No disagreement' Russia's …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 6 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

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