Oil prices held steady on Thursday, supported by rising demand from the United States where Gulf Coast refineries are restarting in the wake of Hurricane Harvey. But ongoing high crude output, including from the Organization of the Petroleum Exporting Countries (OPEC), meant there were ample supplies to meet demand. U.S. West Texas Intermediate (WTI) crude futures were at $49.12 barrel at 0146 GMT, 4 cents below their last settlement, but not far off more than three-week highs reached in the previous session. Brent crude futures, the benchmark for oil prices outside the United States, dipped 8 cents to $54.12 a barrel, though still not far from May highs reached the previous day.
CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER
Written by Henning Gloystein at Reuters