Oil prices steady after shake-out on supply worries | Reuters

Oil prices steady after shake-out on supply worries | Reuters:

"Oil prices steadied on Wednesday after falling steeply in recent days on concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.

Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.

Brent crude LCOc1 clawed back early losses to be up 1 cent at $75.40 a barrel by 0619 GMT, after trading as low as $74.81 a barrel. "



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