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Oil price steady near two-year high as geopolitical issues offset US supply

US producers added nine oil rigs in the week to November 10, the biggest jump since June, raising the count to 738, energy services firm

Reuters  |  LONDON 

Oil was largely steady on Monday, trapped between a bullish push from tension in the Middle East and downward pressure from the evidence of rising US production, although record fund bets on a rally kept the price in sight of two-year highs. Brent crude futures were down 17 cents at $63.35 a barrel by 1002 GMT, having gained 14 per cent so far this month. US West Texas Intermediate (WTI) crude eased 6 cents to $56.68. Traders said crude prices were generally well supported as output cuts led by the Organization of the Petroleum Exporting Countries and Russia have contributed to a ...

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First Published: Mon, November 13 2017. 16:43 IST