Oil prices steady as oversupply expectations offset risks to output
Oil prices steadied on Friday as concern about oversupply and weaker U.S. demand were offset by supply disruption risks from conflict in the Middle East and Ukraine.
Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel by 0854 GMT and U.S. West Texas Intermediate crude gained 4 cents to $62.41.
The Brent and WTI benchmarks fell by 1.7% and 2% respectively on Thursday.
A monthly report from the International Energy Agency on Thursday said that global oil supply would rise more rapidly than expected this year because of planned output increases by the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies such as Russia.
However, OPEC's own report later in the day made no change to its relatively high forecasts for oil demand growth this year and next, saying the global economy was maintaining a solid growth trend.
On the supply side, India's largest private port operator, Adani Group, has banned tankers sanctioned by Western countries from entering all of its ports, three sources told Reuters and documents show, potentially curbing Russian oil supplies.
India is the biggest buyer of Russian seaborne oil, mostly shipped on tankers that are under sanctions by the European Union, United States and Britain.
Source : Reuters
