Oil prices steady as Saudi pushes for further supply cuts

LONDON: Oil prices steadied around $61 a barrel on Tuesday as rising expectations of deeper output cuts from Opec and its allies were countered by a potential delay to a US-China trade agreement until after the next US presidential election. Brent futures rose 4 cents to $60.96 a barrel by 11:16 GMT while US West Texas Intermediate crude was up 8 cents at $56.04. The Organization of the Petroleum Exporting Countries (Opec) and its allies, known as Opec+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said. Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering of state-owned Saudi Aramco, the sources said. US President Donald Trump said that a trade agreement with China might have to wait until after the US presidential election next November, denting hopes of a quick resolution to a dispute that has weighed on the world economy. “I have no deadline, no. In some ways I think it’s better to wait until after the election,” Trump told reporters in London, where he was due to attend a meeting of NATO leaders. — Reuters