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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil prices rise as stocks markets steady

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SINGAPORE: Oil prices rose by 1 per cent on Monday, recovering some of last week’s steep losses as Asian stock markets found a footing after days of chaotic trading. Looming over oil markets, however, was rising production in the United States that is undermining efforts led by the Organization of the Petroleum Exporting Countries (Opec and Russia to tighten markets and prop up prices.


Brent crude futures were at $63.54 per barrel at 0728 GMT, up 75 cents, or 1.2 per cent, from the previous close. US West Texas Intermediate (WTI) crude futures were at $60.04 a barrel.


That was up 84 cents, or 1.4 per cent, from their last settlement.


The stronger prices came after crude registered its biggest loss in two years last week as global stock markets slumped.


But with US equities rebounding on Friday and Asian markets seemingly steadying on Monday, analysts said crude was also supported.


“The bounce in US stocks means some catch-up is possible (for oil),” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.


McKenna said stock markets on Monday were quiet as “the incentive for traders in Australia or Asia to do anything without the lead of the US is likely to be lacking,” referring to recent US stock market volatility. — Reuters


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