Oil stables as market eyes ongoing supply cuts amid downturn
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) 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.
