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Oil steadies above $62, expected fall in U.S. inventory supports

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil steadied above $62 a barrel on Tuesday as expectations of a drop in U.S. crude inventories and prolonged supply curbs by OPEC and other producers countered rising output in the United States.An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for prices could bolster U.S. output which climbed to nearly 9.5 million barrels per day in September.Brent crude , the global benchmark, was down 11 cents at $62.34 a barrel by 0950 GMT. U.S. crude, known as West Texas Intermediate, was down 20 cents at ...

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First Published: Tue, December 05 2017. 16:21 IST