Economic news

Oil stable despite rising crude production from U.S.

Oil prices were flat on Tuesday, as recent rally lost momentum, although ongoing output cuts by the world’s largest producers prevented prices from sliding.

Photo: Reuters

Brent for May settlement sank 5 cents to $65.49 per barrel, while West Texas Intermediate for April picked up 4 cents to $62.61 a barrel.

U.S. crude output has increased to more than 10 million barrels per day (bpd), ovepassing top exporter Saudi Arabia. Production touched a record 10.057 million bpd in November, the U.S. Department of Energy reported.

The International Energy Agency (IEA) said on Monday world crude demand was predicted to rise over the next five years, while OPEC production output would increase weaker than previously thought.

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