News Formal

Oil stable as market eyes ongoing supply cuts amid downturn

  • 📰 Reuters
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Oil prices stabilized on Tuesday on expectations that producer group OPEC and it...

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

One beautiful Picture

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: Reuters - 🏆 2. / 97 Read more »