Oil stable as market eyes ongoing supply cuts amid downturn

SINGAPORE - 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. 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.

One beautiful Picture

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Oil rises on supply cuts, but weak economy holds market backOil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia ... Oil raising bases on a bunch of old dudes in a boardroom (with some quality oak furniture) saying so, afterwards eating digestibles and tea and discussing The Hampton’s.
Fonte: Reuters - 🏆 2. / 97 Consulte Mais informação »