Oil steady as investors weigh tighter supply vs. growth outlook – Reuters
- Date: 10-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil steady as investors weigh tighter supply vs. growth outlook – Reuters
SINGAPORE, April 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.
Brent crude futures slipped 5 cents to $85.07 a barrel by 0237 GMT, while U.S. West Texas Intermediate crude was at $80.72 a barrel, up 2 cents.
Both contracts rose for a third straight week last week, returning to levels last seen in November, after the Organization of the Petroleum Exporting Countries and their allies surprised investors by announcing more production cuts that will start in May.
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