Oil Steadies But Threat Of Higher Supply Curbs Gains

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LONDON – Oil prices steadied on Thursday, but were likely to remain under pressure from evidence of rising U.S. output and uncertainty over the outlook for supply before a key meeting next week of the world’s largest exporters.

Brent crude futures LCOc1 were last up 6 cents at $76.80 a barrel by 0915 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 12 cents at $66.76 a barrel.

“At OPEC’s meeting in a good week’s time, Saudi Arabia apparently plans to make several proposals that all boil down to increasing production on a one-off or gradual basis by between 500,000 and 1 million barrels per day,” Commerzbank analysts said in a note.




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