Oil markets stabilized on Friday amid OPEC supply cuts and tensions in the Middl...
SINGAPORE - Oil markets stabilized on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories.
Brent crude futures, the international benchmark for oil prices, were at $68.05 per barrel at 0044 GMT, up 29 cents, or 0.4 percent, from their last close.“Multiple supply risks remain, as tension continues between Iran and the U.S., which could turn disruptive,” ANZ bank said on Friday. ANZ said U.S. sanctions on Iran’s and Venezuela’s oil industries would likely further reduce crude exports from OPEC, of which both countries are members.
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