Opec cuts have less effect on oil prices than hoped
But energy firms in the US last week increased the number of oil rigs operating for the second time in three weeks
London — Oil prices were steady on Monday as support from Opec-led supply restraint was countered by an uptick in US drilling and concerns about demand due to the slow progress in US-Chinese trade talks. Benchmark Brent oil was little changed, up three US cents at $62.13 a barrel at 9.45am GMT. US West Texas Intermediate (WTI) crude slipped 27c to $52.45. “Oil prices are still trying to figure out what lead to follow. On the one hand, there is the Opec+ cut story, now coupled with increasing issues around Venezuelan supply,” Vienna-based consultancy JBC Energy said. “At the same time, it has to be argued that a lot of the economic data that has been released over the last few days has really not been too encouraging, and US-Chinese trade talks are also seemingly not progressing very fast.” Energy firms in the US last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. Companies added seven oil rigs in th...
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