Oil steady as talk of new OPEC deal balances U.S. exports

5 Oct 2017   Prices

Oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market. “Oil news is contradictory,” said Carsten Fritsch, analyst at Commerzbank in Frankfurt. “OPEC and Russia are talking about extending production limits, but there’s still plenty of supply with U.S. crude exports up sharply.” Brent crude LCOc1 was up 20 cents at $56.00 a barrel by 0800 GMT. U.S. light crude CLc1 was unchanged at $49.98. Sponsored Both crude benchmarks have fallen more than 5 percent over the last week as investors have booked profits after almost three months of gains. Russian President Vladimir Putin said on Wednesday […]

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