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Oil steadies after 7% loss, but concern over potential oversupply stays

Brent crude oil futures were virtually flat on the day at $66.13 a barrel at 1035 GMT, while US crude futures were down 34 cents at $55.91

Reuters  |  London 

Oil prices steadied on Thursday, having lost nearly 7 per cent over the previous three days, but concern over the prospect of an oversupplied market next year remained in spite of OPEC's message that it may cut crude output. The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, is considering a cut of up to 1.4 million barrels per day (bpd) next year to avoid the kind of build-up in global inventories that prompted the oil price to crash between 2014 and 2016. Brent crude oil futures were virtually flat on the day at $66.13 a barrel at 1035 GMT, ...

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First Published: Thu, November 15 2018. 16:30 IST
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