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Oil prices near seven-month lows on global oversupply

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices steadied just above seven-month lows on Tuesday after news of increases in supply, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output.Benchmark Brent was up 15 cents at $47.06 by 0820 GMT. On Monday, it fell 46 cents, or 1 percent, to settle at $46.91 a barrel.That was its lowest close since Nov. 29, the day before the Organization of the Petroleum Exporting Countries and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January.U.S. crude ...

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First Published: Tue, June 20 2017. 14:23 IST
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