Oil prices recover on lower output from US, Russia, OPEC - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Brent crude futures LCOc1 rose 57 cents to $59.82 a barrel by 0852 GMT, while US West Texas Intermediate crude CLc1 was up 59 cents at $54.66 a barrel.

“Although oil has been given every opportunity to jump well above $70 per barrel due to geopolitical events, the fact that it did not is telling,” Tamas Varga of oil brokerage PVM said. Oil prices are likely to remain steady, with Brent averaging $65.19 a barrel and WTI $57.96 in 2019, as flagging demand outweighs supply shocks, a Reuters survey showed.

Output at the world’s two largest producers, the United States and Russia, also fell in July and September respectively.

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