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Gulf Today Report
Oil prices steadied on Wednesday as support following disruptions in the US south offsetting expectations that OPEC+ producers may reduce their output curbs after April.
US West Texas Intermediate (WTI) crude futures dipped 3 cents to $60.02 a barrel at 05:10 GMT while Brent crude futures gained 11 cents, or 0.2%, to $63.46 a barrel.
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In recent months, oil prices have recorded gains and supply disruptions in Texas have supported prices, according to analysts.
However, the extreme cold has also affected crude demand due to disruptions to refinery operations.
According to a source, OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic.
Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, or 0.8%, to $51.80 a barrel.
Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 03:50 GMT while US crude decline 35 cents or 0.6% to $58.33 a barrel.
Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.
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Australia’s central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target.