Oil steadied above $62 a barrel on Tuesday as firmer equities and expectations O...
LONDON - Oil steadied above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand.
Brent crude, the global benchmark, rose 1 cent to $62.30 a barrel at 0849 GMT. U.S. West Texas Intermediate was up 40 cents at $53.66. The price of Brent is down almost 20% from its 2019 peak above $75 a barrel in April, pressured by an economic downturn that has started to impact oil demand. While the talk of prolonged supply restraint is supporting prices, concern about slowing demand and economic growth has had a bigger impact on sentiment.
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