Economic news

Oil prices stable amid prospect of increased production

Crude prices firmed on Wednesday after sliding sharply in recent sessions on worries that Saudi Arabia and Russia will increase output in the second half of the year to offset falling global crude supplies.

Photo: Reuters

Brent crude inched up 1 cent to $75.40 per barrel, after trading as low as $74.81 per barrel.

U.S. oil benchmark - WTI - advanced 10 cents, to $66.83 per barrel, having hit a session trough of $66.35 per barrel.

Saudi Arabia and Russia have talked on raising OPEC and non-OPEC crude output by 1 million barrels a day (bpd) to resist potential supply deficit from Venezuela and Iran.

Sliding equity prices and a firmer U.S. dollar index also hit oil markets. Wall Street slumped more than 1 percent, while the greenback traded at a 10-month peak versus the euro.

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