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Oil prices stable as ongoing Opec cuts countered by rising US rig drilling

Rising US output threatens to undermine efforts to support prices by withholding supplies

Reuters  |  Singapore 

Oil markets were stable on Monday as ongoing output cuts led by Opec were countered by rising US drilling activity that points to a further increase in American production. US West Texas Intermediate (WTI) crude futures were at $57.32 a barrel at 0749 GMT, down 4 cents from their last settlement. Brent crude futures, the international benchmark for oil prices, were unchanged at $63.40 a barrel. Crude prices have gained well over a third in value from their 2017 lows, largely due to production cuts by the Organization of the Petroleum Exporting Countries (Opec) and a group of ...

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First Published: Mon, December 11 2017. 14:44 IST
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