Oil steady as higher output balances demand

Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts.

Brent crude was down 15 cents at $75.73 a barrel by 1200 GMT. U.S. light crude was 35 cents lower at $66.01.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a supply overhang and prices have risen by around 60 percent over the last year…

 

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