Oil prices steady on economic recovery optimism - GulfToday

Oil prices steady on economic recovery optimism

Oil-facilities-750

Picture used for illustrative purpose. File

Gulf Today Report 

Oil steadied on Wednesday due to OECD optimism for global economic recovery and OPEC+ output curbs, although rising US inventories capped it.

Brent crude fell 2 cents, or less than 0.1%, to $67.50 a barrel by 09:43 GMT while US West Texas Intermediate crude rose 11 cents, or 0.2%, at $64.12 a barrel.

According to the Organisation for Economic Cooperation and Development, the world economy is likely to bounce back this year with 5.6% growth and expand 4.0% next year. 


READ MORE 

Gold prices drop following gains in US yields and dollars

Hub71 launches new programme to drive opportunities for startups

DBWC summit discusses women's input in growth and development


In a note, Standard Chartered said, "in our view, the 4 March OPEC+ meeting has not just left the door to higher prices open, it has taken that door off its hinges and chopped it up for firewood."

In the United States, crude inventories rose by 12.8 million barrels last week, analysts expected 800,000 barrels.

 

Related articles

Other Articles