BLOOMBERG.COM
Oil prices steadied around $50 a barrel on Thursday, close to the week's lows, on doubts proposed Opec production cuts would be sufficient to balance the market, although a weaker dollar supported sentiment. North Sea Brent crude was up 25 cents at $53.25 a barrel by 09:40 GMT. US light crude was up 20 cents at $49.97 a barrel. Both benchmarks have fallen more than $2 a barrel from highs reached on Monday when investors bought heavily in the wake of an agreement by the Organization of the Petroleum Exporting Countries and Russia to cut production to reduce a supply glut.
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Oil prices steadied around $50 a barrel on Thursday, close to the week's lows, on doubts proposed Opec production cuts would be sufficient to balance the market, although a weaker dollar supported sentiment. North Sea Brent crude was up 25 cents at $53.25 a barrel by 09:40 GMT. US light crude was up 20 cents at $49.97 a barrel. Both benchmarks have fallen more than $2 a barrel from highs reached on Monday when investors bought heavily in the wake of an agreement by the Organization of the Petroleum Exporting Countries and Russia to cut production to reduce a supply glut.
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