Oil prices steady

Maria Novoselova / Vestnik Kavkaza

Oil prices steadied, giving up most of its earlier gains, as Middle East supply concerns arising from the Israel-Hamas conflict and the shutdown of a top Libyan oilfield balanced rising U.S. output and worries about weak economic growth.

While OPEC and allies are cutting production to bolster the market, U.S. crude production will hit a record high in 2024, the EIA reported.

Brent crude futures was up 5 cents to $77.64 per barrel at 10:50 GMT, while WTI crude futures were down 17 cents, or 0.2%, to $72.07.

© Photo :Maria Novoselova / Vestnik Kavkaza