Position added successfully to:
+ Add another position Close CL +0.14% Add to/Remove from Watchlist Add to Watchlist Add Position
Position added successfully to:
+ Add another position Close
SINGAPORE (Reuters) - Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were up 18 cents at $73.22 a barrel.
Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets (LON:CMCX) analyst Tina Teng.
A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first quarter of 2024, led by Saudi Arabia rolling over its current voluntary cut.
At least 1.3 million bpd of those cuts, however, were an extension of voluntary curbs that Saudi Arabia and Russia already had in place.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, told Bloomberg in an interview on Monday that OPEC+ oil production cuts can "absolutely" continue past the first quarter if needed.
Resumption of fighting in the Israel-Hamas war, however, stoked supply concern, as did attacks on three commercial vessels in international waters in the southern Red Sea.
Those incidents followed a series of attacks in Middle-Eastern waters since war broke out between Israel and Palestinian militant group Hamas on Oct. 7.
Related pages
China's population drops for 2nd year, with record low birth rate
2/2© Reuters. A woman and a child sit in a park in Beijing, China January 12, 2024. REUTERS/Tingsh
Trump hits back at Biden, attacks Haley in first 2024 trip to Iowa
© Reuters. Former U.S. President and Republican presidential candidate Donald Trump campaigns, in Si
US Treasury, Energy officials to testify at Senate EV incentive hearing
© Reuters. U.S. Deputy Treasury Secretary Wally Adeyemo speaks at the Royal United Services Institut
Trailing Trump in Iowa, Haley touts foreign policy but VP question remains
© Reuters. Republican presidential candidate and former U.S. Ambassador to the United Nations Nikki
McDonald's puts up prices on five menu items
Image source, Getty ImagesFast food chain McDonald's is putting the price of five of its menu i
Exclusive-China's state banks seen swapping and selling dollars for yuan -sources
© Reuters. Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023