Market News
Oil prices steady after steep losses in previous session
Summary
- EIA shows much larger-than-expected rise in weekly US crude stocks
- OPEC report says oil supply will match demand in 2026
- IEA says oil, natural gas demand to grow through 2050
HOUSTON, Nov 13 (Reuters) - Oil prices held largely steady on Thursday after declining around 4% in the previous session as investors weighed concerns about global oversupply with looming sanctions against Russia's Lukoil.
Brent crude futures rose 30 cents, or 0.5%, to $63.01 a barrel. U.S. West Texas Intermediate crude increased 20 cents, or 0.3%, to $58.69 a barrel, after a decline of 4.2% on Wednesday.
"There should be considerable support to oil prices around $60/bbl, especially given there could be short-term disruption to Russian export flows once stricter sanctions kick in," said Suvro Sarkar, DBS Bank's energy sector team lead.
