Oil stable as market eyes ongoing supply cuts amid downturn
Updated : June 11, 2019 08:03 AM IST
Front-month Brent crude futures, the international benchmark for oil prices, were at $62.36 at 0023 GMT, 7 cents, or 0.1 percent, above Friday’s close.
US West Texas Intermediate (WTI) crude futures were at $53.42 per barrel, 16 cents, or 0.3 percent, above their last settlement.
Prices fell by around 1 percent in the previous session and crude futures are down by some 20 percent from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption.
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