Oil prices stable

AFP, LONDON: Oil prices steadied yesterday after heavy losses the previous day, as markets looked ahead to more indications of world crude demand levels amid high supplies.
Brent North Sea crude for delivery in December stood at $48.61 a barrel in London midday deals, unchanged from Monday’s close.
US benchmark West Texas Intermediate for November delivery dipped two cents to $45.87 a barrel.
Both contracts fell sharply on Monday following the release of official data showing that China’s economy grew at its weakest pace in more than six years, renewing concerns over demand in the world’s top energy consumer.
Prices were weighed down also by news that Saudi Arabia’s crude stockpiles stood at record highs, adding to concerns about high US inventories and expectations of increased Iranian output with the lifting of Western sanctions on the Islamic Republic.
Traders are awaiting the release Wednesday of data on the level of US crude stockpiles for last week.

Oil prices stable

AFP, LONDON: Oil prices steadied yesterday after heavy losses the previous day, as markets looked ahead to more indications of world crude demand levels amid high supplies. Brent North Sea crude for delivery in December stood at $48.61 a barrel in London midday deals, unchanged from Mondays close. US benchmark West Texas Intermediate for November delivery dipped two cents to $45.87 a barrel. Both contracts fell sharply on Monday following the release of official data showing that Chinas economy grew at its weakest pace in more than six years, renewing concerns over demand in the worlds top energy consumer. Prices were weighed down also by news that Saudi Arabias crude stockpiles stood at record highs, adding to concerns about high US inventories and expectations of increased Iranian output with the lifting of Western sanctions on the Islamic Republic. Traders are awaiting the release Wednesday of data on the level of US crude stockpiles for last week.