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Oil steady as investors weigh tighter supply vs. growth outlook

10 April 2023 09:23 (UTC +04:00)

Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand, APA reports citing Nashdaq.

Brent crude futures LCOc1 slipped 5 cents to $85.07 a barrel by 0237 GMT, while U.S. West Texas Intermediate crude CLc1 was at $80.72 a barrel, up 2 cents.

Both contracts rose for a third straight week last week, returning to levels last seen in November, after the Organization of the Petroleum Exporting Countries and their allies surprised investors by announcing more production cuts that will start in May.

The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia.