Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the...
SINGAPORE - Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand.An expected large draw in crude oil inventory in the United States also buoyed sentiment after a bigger-than-expected fall in inventories in a private survey.
U.S. crude futures for August CLc1 were up 37 cents, or 0.7%, at $56.62 a barrel. Both benchmarks fell sharply on Tuesday as worries about a slowing global economy overshadowed OPEC supply cuts. “The OPEC+ meeting showed the members sticking together in tough times, characterized by weakening global demand outlook, aiming for a more balanced oil market, despite clear market share implications,” said Amarpreet Singh, analyst at Barclays Commodities Research in a note.
Ahead of government data due later on Wednesday, industry group the American Petroleum Institute said that U.S. crude inventories fell by 5 million barrels last week, more than the expected decrease of 3 million barrels.
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