Oil prices held steady on Thursday as reports that OPEC production levels were keeping supply tight outweighed risk-off sentiment from U.S.-Sino trade uncertainty.
New York-traded West Texas Intermediate crude futures were unchanged at $62.13 a barrel by 7:16 AM ET (11:16 GMT), Brent crude futures, the benchmark for oil prices outside the U.S., edged forward 22 cents, or 0.3%, to $70.59.
A survey from S&P Global (NYSE:SPGI) Platts released on Thursday showed that OPEC’s collective production held relatively steady in April. After fourth months of declines, “tightening the oil market considerably”, the output rose by just 30,000 barrels per day (bpd) to 30.26 million bpd.
Source : Investing.com