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Oil prices pressured by oversupply, global economic concerns

The Address | Benghazi – Libya

SINGAPORE – Oil prices were largely steady on Monday after falling 2 percent in the previous session, but remained under pressure amid weaker growth in major economies and concerns about oversupply.

Brent crude oil futures LCOc1 were at $60.31 per barrel at 0722 GMT, up 3 cents, or 0.05 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.27 per barrel, up 7 cents, or 0.14 percent.

Persistent growth in U.S. shale output continues to weigh on oil prices, while some analysts doubted that planned supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) would be enough to rebalance markets.

Reuters

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