Oil prices steady after U.S. call for more oil raises supply concerns | Reuters

Oil prices steady after U.S. call for more oil raises supply concerns | Reuters

Oil prices slipped on Thursday following two days of gains after a call from the United States, the world's top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions.

Brent crude futures slipped by 17 cents, or 0.2%, to $71.27 a barrel by 0650 GMT, after earlier rising to a session-high of $71.69.

U.S. West Texas Intermediate (WTI) crude futures fell by 23 cents, or 0.3%, to $69.02 after rising to $69.51 earlier.

"Crude prices are paring earlier gains that stemmed from President Biden's plea to OPEC for more crude," said Edward Moya, senior analyst at OANDA.

"The rally in oil prices is hitting a major roadblock in Asia as concerns grow China's outlook is looking worse this month and that can't be good for the demand outlook."