👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Crude Oil Prices Steady Near Multi-Year Highs

Published 01/03/2018, 04:00 AM
© Reuters.  Crude oil prices remain supported on global supply cut efforts
LCO
-
CL
-
NG
-
GPR
-

Investing.com - Crude oil prices steadied near multi-year highs on Wednesday, even as concerns over geopolitical tensions began to ease, as supply cut efforts by global oil producers continued to support the commodity.

The U.S. West Texas Intermediate crude February contract was steady at $60.39 a barrel by 04:00 a.m. ET (08:00 GMT), just off a two-and-a-half year high of $60.73 hit on Tuesday.

Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London was little changed at $66.56 a barrel, still close to a nearly three-year peak of $67.29 hit in the previous session.

Oil prices had climbed amid Iranian protests, marking the biggest challenge to the country's clerical leadership since 2009. However, the protests were showing no signs of impacting Iran's oil production.

Crude prices continued to be supported by production cuts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

Elsewhere, gasoline futures were little changed at $1.762 a gallon, while natural gas futures lost 1.41% to $3.014 per million British thermal units.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.