Motilal Oswal
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Motilal Oswal
Nov 08, 2018 07:06 AM IST | Commodities
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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.
Oil prices stable as talk of OPEC output cuts supports, but soaring US production drags
Published Date: Nov 8th, 2018 07:06 AM | Updated Date: Nov 08, 2018 07:06 AM IST

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