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Oil steady as talk of new OPEC deal balances US exports

Mimi Sabreena 5:02:00 PM Informasi

LONDON (Oct 5): Oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record US exports and the return of supply from a Libyan oilfield dragged on the market.

"Oil news is contradictory," said Carsten Fritsch, analyst at Commerzbank in Frankfurt. "OPEC and Russia are talking about extending production limits, but there's still plenty of supply with US crude exports up sharply."

Brent crude was up 20 US cents at US$56.00 a barrel by 0800 GMT. US light crude was unchanged at US$49.98.

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