RIYADH: Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of US crude inventory declines and OPEC’s voluntary output cuts announcement. Brent crude futures gained 44 cents, or 0.52 percent, to $85.38 a barrel by 11.15 a.m. Saudi time. West Texas Intermediate US crude was up 31 cents, or 0.38 percent, to $81.02 a barrel.
RIYADH: Oil futures recouped some losses on Wednesday after dropping by 2 percent in the previous session, supported by supply worries stemming from the proposed cuts agreed by the Organization of Petroleum Countries, and its allies although a stronger dollar weighed on market sentiment. Brent crude futures were down 2 cents, or 0.02 percent, to $94.27 a barrel by 0727 GMT
Iraq’s deputy prime minister envisages oil production capacity to reach not more than 6 million b/d over the next five years due to severe export constraints.