Oil prices largely unmoved as concern about future shortfall outweighs gain in US stocks
Oil rose on Tuesday amid reports that exporter Saudi Arabia was comfortable with prices breaching $80 a barrel
Beijing — Oil prices were steady on Wednesday as concerns that producers would not be able to respond to a shortfall in supply once US sanctions on Iran are enacted outweighed a gain in stockpiles in the US, the world’s biggest oil user. Brent crude futures were down nine US cents at $78.92 per barrel 3.34am GMT, after rising 1.3% in the previous session. US West Texas Intermediate (WTI) crude futures were down 4c, or 0.1%, at $69.81 a barrel after climbing 1.4% in the previous session. Prices rose on Tuesday amid media reports that Saudi Arabia, the world’s largest oil exporter, was comfortable with prices climbing above $80 a barrel. Reuters reported on September 5 that Saudi Arabia wanted oil to stay between $70 and $80 a barrel to keep a balance between maximising revenue and keeping a lid on prices until US congressional elections. Oil cartel OPEC and nonOPEC producers, including the world’s biggest producer Russia, are meeting on September 23 in Algiers, Algeria, to discuss ho...
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