Oil Steadies Above $62 Per Barrel, Expected Fall In US Inventory Supports

Oil Steadies Above $62 Per Barrel, Expected Fall In US Inventory Supports

Oil steadied above $62 a barrel on Tuesday as expectations of a drop in U.S. crude inventories and prolonged supply curbs by OPEC and other producers countered rising output in the United States.

An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for prices could bolster U.S. output which climbed to nearly 9.5 million barrels per day in September.

Brent crude , the global benchmark, was down 11 cents at $62.34 a barrel by 0950 GMT. U.S. crude, known as West Texas Intermediate, was down 20 cents at $57.27.

“U.S. output will play the most significant role on the supply front in 2018,” said Tamas Varga of oil broker PVM. Read More…

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