Economic news

Oil prices steady as market rebalances, but analysts predict volatility ahead

Oil prices fell slightly but remained stable on Friday, backed up by extended supply cuts and solid demand which have tightened market, although the perspective of growing U.S. production limited prices.

Brent crude lost 17 cents to $63.76 a barrel.

U.S. West Texas Intermediate (WTI) crude was down 10 cents at $57.07 a barrel, not far from more than two-year high of $57.92 a barrel.

The recent oil prices rally was a result of supply cuts by the OPEC and Russia, as well as steady demand and increasing political tensions.

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