Staying close to six-month lows, oil prices
Staying close to six-month lows, oil prices Through Robert Harvey December 13, 2023 Source reuters.com December 13, London (Reuters) - Following a more than 3% decline in the previous session, oil prices stabilized on Wednesday but were close to six-month lows as investors expressed concern over oversupply and declining demand. At 1437 GMT, February's Brent crude futures were up 15 cents, or 0.2%, at $73.39 per barrel. The January contract price for U.S. West Texas Intermediate crude increased by 18 cents, or 0.26%, to $68.79 a barrel. Tuesday saw Brent futures close at $73.24 a barrel, the lowest level since late June. This resulted in a $2.79 per barrel daily loss. Wednesday saw Brent futures hit a new six-month low of $72.29 per barrel at their intraday low. "Concerns around the global economy next year, a weak commitment to output cuts from OPEC+ and higher output elsewhere, including record levels