Oil prices stable as talk of OPEC output cuts supports, but soaring US production drags
US West Texas Intermediate (WTI) crude oil futures were at $61.75 per barrel at 0120 GMT, up 8 cents from their last settlement. Front-month Brent crude oil futures were up 6 cents at $72.13 a barrel.
With Iran sanctions now in place and oil still in ample availability, OPEC-led production cuts next year cannot be ruled out, two OPEC sources said on Wednesday.
Preventing oil prices from rising any further has been a relentless rise in US crude output, which hit a record 11.6 million bpd in the week ending November 2, according to Energy Information Administration (EIA) data released on Wednesday.
Published Date: Nov 8th, 2018 07:06 AM | Updated Date: Nov 08, 2018 07:06 AM IST