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Oil prices stabilize after sharp falls earlier in week


Friday, 24 May 2019 08:38 WIB

Minyak WTIMinyak jenis Brent


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Oil markets stabilized on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories.

Brent crude futures, the international benchmark for oil prices, were at $68.05 per barrel at 0044 GMT, up 29 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 36 cents, or 0.6 percent, at $58.27 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) has led supply cuts since the start of the year aimed at tightening the market and propping up prices.

Source: Marketwatch


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