Reuters: Oil stable as market eyes ongoing supply cuts amid downturn

09:00, 11 June 2019
Economy
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REUTERS

Front-month Brent crude futures, the international benchmark for oil prices, were at $62.36 at 0023 GMT, 7 cents, or 0.1%, above Friday's close, Reuters said.

Read alsoReuters: Oil rises as Saudi sees producers sticking with ongoing supply cuts

U.S. West Texas Intermediate (WTI) crude futures were at $53.42 per barrel, 16 cents, or 0.3%, above their last settlement.

Prices fell by around 1% in the previous session and crude futures are down by some 20% from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption.

Russia on Monday said it might support an extension of supply cuts that have been in place since January, warning oil prices could fall as low as $30 per barrel if producers supply too much crude.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers including Russia, known collectively as OPEC+, have withheld supplies since the start of the year to prop up prices.

OPEC+ is due to meet in late June or early July to decide output policy for the rest of the year.

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