Oil News

Oil prices steadied above $60 a barrel on Wednesday after touching a six-month high a day earlier, as investors awaited more U.S. oil inventory data and kept a close watch on equities for direction. U.S. crude stockpiles probably fell last week by 200,000 barrels, while gasoline inventories were down by 1.2 million barrels and distillate stocks up 1.0 million barrels, an expanded Reuters poll showed.

Crude Steady at $60 as investors await U.S inventories

(OPEC), which has agreed to cut 4.2 million barrels per day of output since September in a bid to prop up oil prices

Oil prices steadied above $60 a barrel on Wednesday after touching a six-month high a day earlier, as investors awaited more U.S. oil inventory data and kept a close watch on equities for direction. U.S. crude stockpiles probably fell last week by 200,000 barrels, while gasoline inventories were down by 1.2 million barrels and distillate stocks up 1.0 million barrels, an expanded Reuters poll showed.

The Organization of Petroleum Exporting Countries (OPEC), which has agreed to cut 4.2 million barrels per day of output since September in a bid to prop up oil prices, has no reason to cut crude production when it next meets on May 28, Algerian Energy and Mines Minister Chakib Khelil said. Crude is trading at $60.50 as of 9:23am, London Time. Crude’s Pool-position is 84% Long, meaning that most Finotec clients are buying the commodity.

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