Oil steadies amid pressure from rising US output and Opec’s meeting
The threat of higher supply curbs from Opec and other producers remains, with US crude output hitting a record 10.9-million bpd
London — Oil prices steadied on Thursday, but were likely to remain under pressure on evidence of rising US output and uncertainty over the outlook for supply before a key meeting of the world’s largest exporters next week. Brent crude futures were last up 6c at $76.80 a barrel by 9.15am GMT, while US West Texas Intermediate (WTI) crude futures were up 12c at $66.76 a barrel. "At oil cartel Opec’s meeting in a good week’s time, Saudi Arabia apparently plans to make several proposals that all boil down to increasing production on a one-off or gradual basis by between 500,000 and 1-million barrels per day (bpd)," Commerzbank analysts said in a note. "Iran has already signaled it will resist any such attempts and blames the US for the price rise. According to sources close to Opec, Venezuela and Iraq are also not in favour of raising production." Opec meets on June 22 in Vienna to discuss its own supply policy, then again on June 23 with rival producers, such as Russia and Oman. For th...
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