Oil steadies below $59, weaker economic outlook weighs
LONDON: Oil steadied below $59 a barrel on Wednesday, pressured by concerns about weaker demand for fuel due to slower economic growth and forecasts of a further rise in U.S. crude inventories.
Prices gained some support due to signs from the Organization of the Petroleum Exporting Countries that further curbs to oil supply could come in December. OPEC and its allies meet on Dec. 5-6 in Vienna to review output policy.
Brent crude, the global benchmark, rose 5 cents to $58.79 a barrel by 1137 GMT. U.S. crude gained 24 cents to $53.05.
“Prices are under pressure from increasing pessimism about the global economy and subsequent demand-side concerns,” Stephen Brennock of oil broker PVM said.
