Oil steadies on OPEC cuts, but oversupply fears persist - Reuters:
Oil prices steadied on Monday as OPEC extended supply cuts until March 2020 during a meeting in Vienna, but prices pared gains as oversupply worries continued to overshadow the market.
The Organization of the Petroleum Exporting Countries agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.
OPEC is slated to meet with Russia and other producers, an alliance known as OPEC+, on Tuesday to discuss supply cuts amid surging U.S. output.
Brent crude futures for September delivery were up 10 cents a barrel at $64.84 at 11:42 a.m. EDT (1542 GMT) after earlier rallying to $66.75. The August delivery contract closed at $66.55 a barrel on Friday.
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