Oil prices were broadly steady on Friday as surging U.S. supply and concerns of ...
LONDON - Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output.
The 14-member Organization of the Petroleum Exporting Countries pumped 30.68 million barrels per day in February, a Reuters survey showed on Friday, down 300,000 bpd from January and the lowest OPEC total since 2015. “OPEC and its 10 allies are doing their job and this time they are stubborn,” London-based brokerage PVM said in a note, referring to the supply restrictions which have been in place since the start of the year.The U.S. Energy Department said on Thursday it was offering up to 6 million barrels of crude from national emergency stocks to raise funds to modernize U.S. strategic oil reserves.
China’s February factory activity fell for a third month as the world’s second-largest economy continued to struggle with weak export orders, a private survey showed on Friday.
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