Home / World News / Oil steadies as demand fears due to Covid-19 offset high OPEC compliance

Oil steadies as demand fears due to Covid-19 offset high OPEC compliance

Brent crude futures rose 9 cents to settle at $45.46 a barrel. US West Texas Intermediate (WTI) crude futures ended unchanged at $42.89 a barrel

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The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, eased their cuts in August to 7.7 million barrels per day (bpd) from 9.7 million bpd previously

Stephanie Kelly | Reuters New York

2 min read Last Updated : Aug 19 2020 | 7:59 AM IST

Oil prices steadied on Tuesday as high compliance with supply cuts from the OPEC+ producer group offset demand fears from the new coronavirus.

Brent crude futures rose 9 cents to settle at $45.46 a barrel. US West Texas Intermediate (WTI) crude futures ended unchanged at $42.89 a barrel.

Supporting prices on Tuesday, a technical panel found that compliance with OPEC+ oil output cuts in July was between 95% and 97%, according to a draft report seen on Monday by Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping known as OPEC+, eased their cuts in

Topics : Coronavirus Oil Prices Opec supply cut Brent crude United States Brazil US Congress

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