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Oil prices steady as investors weigh demand concerns


Added 10-21-19 04:03:02am EST - “Oil prices largely held steady on Monday, recouping some early losses as investo...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Oil prices steady as investors weigh demand concerns”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices largely held steady on Monday, recouping some early losses as investors took stock of global economic pressures that could impact oil demand.

Signs of still ample global oil supply combined with concerns about economic growth in China, the world’s largest oil importer, pressured prices lower for a second session earlier on Monday.

“Weakness in oil price reflected a bearish view of the global energy demand, as the slowdown in manufacturing and trades seemed not to be ending anytime soon,” said Margaret Yang, market analyst at CMC Markets.

Russia, the world’s second-largest oil producer, said on Sunday it did not meet its supply reduction commitment in September because of an increase in natural gas condensate output as the country prepared for winter.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day (bpd) from the start of this year.

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