Oil prices held steady on Tuesday amid uncertainty
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Posted On: 12/05/2023 5:45:58 AM
Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures
edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures
were up 18 cents at $73.22 a barrel.
Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets analyst Tina Teng.
A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand.
The Organization of the Petroleum Exporting Countries, or OPEC, and allies including Russia, together known as OPEC+, on Thursday agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first quarter of 2024, led by Saudi Arabia rolling over its current voluntary cut.
Brent crude futures
edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures
were up 18 cents at $73.22 a barrel.
Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets analyst Tina Teng.
A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand.
The Organization of the Petroleum Exporting Countries, or OPEC, and allies including Russia, together known as OPEC+, on Thursday agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first quarter of 2024, led by Saudi Arabia rolling over its current voluntary cut.
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