Energy Library


Oil steadied near $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short, although expectations of a rise in U.S. inventories was weighing.

The increase in OPEC’s oil output in October undershot the rise planned under a deal with allies, a Reuters survey found on Monday, due to involuntary outages and limited capacity in some smaller producers.

Brent crude was down 8 cents, or 0.1%, at $84.63 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 22 cents, or 0.26%, to $83.88 per barrel.

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