Oil prices steady

AFP, LONDON: Oil prices steadied yesterday after rising the previous session thanks to news of a fall in US output that eased concerns over a supply glut.
At about 1100 GMT, US benchmark West Texas Intermediate for delivery in June stood at $44.20 a barrel—unchanged from Wednesday’s close.
Brent North Sea crude for June delivery edged up two cents to $45.80 a barrel.
Prices had surged four percent to near five-month highs on Wednesday after the US energy department revealed the dip in the country’s crude production last week to levels not seen since October 2014.
Rising US shale production has been a key contributor to the global oversupply, along with elevated output from other producers including Saudi Arabia and Russia.

Oil prices steady

AFP, LONDON: Oil prices steadied yesterday after rising the previous session thanks to news of a fall in US output that eased concerns over a supply glut. At about 1100 GMT, US benchmark West Texas Intermediate for delivery in June stood at $44.20 a barrelunchanged from Wednesdays close. Brent North Sea crude for June delivery edged up two cents to $45.80 a barrel. Prices had surged four percent to near five-month highs on Wednesday after the US energy department revealed the dip in the countrys crude production last week to levels not seen since October 2014. Rising US shale production has been a key contributor to the global oversupply, along with elevated output from other producers including Saudi Arabia and Russia.