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Oil steady as higher output balances Chinese demand

Reuters  |  LONDON 

By Christopher Johnson and Ron BoussoLONDON (Reuters) - Oil prices steadied on Thursday after evidence of stronger demand in China balanced reports of higher production by key OPEC exporters in a downbeat report by the International Energy Agency (IEA).Brent crude was up 5 cents at $47.79 a barrel by 1335 GMT. U.S. light crude was 15 cents higher at $45.64.Oil prices have dropped in recent weeks to levels not seen since the end of last year as investors lost faith in a deal between OPEC and non-OPEC producers to reduce output, while U.S. shale oil production has risen sharply.But there is ...

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First Published: Thu, July 13 2017. 19:22 IST