Singapore — Oil prices were stable on Thursday, supported by ongoing Opec-led supply cuts, tension in the Middle East and lower US production due to hurricane-enforced closures. Brent crude futures were at $58.10 at 4.11am GMT, slightly lower than their last close, but about 30% above mid-year levels. US West Texas Intermediate (WTI) crude was at $51.97 a barrel, also down a touch from its last settlement, but almost a quarter higher than in June. The US Energy Information Administration said on Wednesday that US crude inventories fell by 5.7-million barrels in the week to October 13, to 456.49-million barrels. US output slumped by 11% from the previous week to 8.4-million barrels a day, its lowest since June 2014 as production had to be shut because of tropical storm Nate, which hit the US Gulf coast earlier in October. Analysts said there was also a risk to supply from political instability in areas ranging from the Middle East to South America. "The ‘Fragile Five’ petrostates — I...
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