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Oil prices steady after US reduce drilling but still weighs oversupply

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Oil markets were fairly stable in early Asian trading on Monday.

US crude futures traded at $ 44.86 a barrel.

International Energy Agency (IEA) said on Friday that the reduction supplies especially from the United States will lead to rebalancing the market by next year.
However, the outlook for global oil markets remain weak, due to a clash of strong production with demand market which produces more oil than is necessary continue be bearish.
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The Brent crude oil was trading at $ 48.16 a barrel

ANZ said strong supply from the Middle East remains concern on the supply side, while Macquarie bank notes that car sales have acted as a brake on demand.

Partly because of oversupply and protect their market share Kuwait set its October official selling price (OSP) of crude oil by 60 cents lower compared to September a discount of $ 1.95 per barrel against Oman / Dubai prices.

E.Dimitrov JrTrader


 Varchev Traders
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