Oil prices steady after US call for more oil raises supply concerns

SINGAPORE (Reuters) – Oil prices were steady on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions.

Brent crude futures edged higher by 5 cents to $71.49 a barrel by 0216 GMT while U.S. West Texas Intermediate (WTI) crude futures gained by 4 cents to $69.29.

U.S. President Joe Biden’s administration on Wednesday urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery.