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Oil prices steady near year lows ahead of G20 summit, Opec meeting

Opec meets in Vienna on December 6 to discuss output policy together with some non-Opec producers, including Russia

Reuters  |  London 

Oil prices steadied on Tuesday, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an Opec meeting next week.   Benchmark North Sea Brent crude oil was unchanged at $60.48 a barrel by 1225 GMT, not far above a 13-month low of $58.41 reached on Friday. US light crude was down 10 cents at $51.53. Oil prices are down by almost a third since early October, weighed down by an emerging supply overhang and widespread financial market weakness. Prices rallied sharply on Monday, with Brent rising almost 2.9 per cent, ...

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First Published: Tue, November 27 2018. 18:10 IST