Oil prices go steady with trading Brent near $80 as US output hits record
Oil prices steadied on Thursday, with Brent trading near $80 a barrel as higher inventories and record output in the United States overshadowed jitters over global trade disruptions in the Red Sea.
Brent crude futures rose 13 cents, or 0.1%, to $79.80 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude was 4 cents higher at $74.26.
“Oil concerns itself with the state of U.S. production this morning and enters the day less buoyant than that of late,” PVM Oil analyst John Evans said.
