Oil Prices Stable As Talk Of OPEC Output Cuts Supports, But Soaring US Production Drags


Oil Prices Stable As Talk Of OPEC Output Cuts Supports, But Soaring US Production Drags

Oil prices were stable on Thursday, supported by rumblings from within OPEC that production curbs may become necessary again to prevent a return of global oversupply.

But soaring U.S. crude output, which hit a record 11.6 million barrels per day (bpd) last week, kept a lid on prices.

U.S. 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.

A group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as Russia decided last June to relax output curbs in place since 2017, after pressure from U.S. President Donald Trump to reduce oil prices and make up for supply losses from Iran. Read more

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