Oil prices steady in global markets after heavy loss
Oil prices in international markets have become more stable today after undergoing heavy losses the previous day.
The change has been attributed by market experts to indicators showing world crude demand may rise amid high supplies in the market.
As a result, during Tuesday trading, Brent North Sea crude for delivery in December stood at $48.61 a barrel in London midday deals, showing no major change compared to Monday's close.
At the same time, US benchmark West Texas Intermediate for November delivery shed two cents to hit $45.87 a barrel, AFP reported.
The price of both oil varieties fell sharply on Monday after official data were released showing that China's economic growth was experiencing its weakest pace in more than six years, renewing concerns over demand in the world's top energy consumer.
Another factor mentioned for price fall during Monday trading was news that Saudi Arabia's crude oil stockpiles stood at record highs, which further added to market concerns about high volume of US inventories. In the meantime, expectations were rife in the market about increased Iranian output as the Western states are geared to remove sanctions against Iran's energy sector subsequent to July 14 nuclear agreement between the Islamic Republic and the member states of the P5+1 group of countries in the Austrian capital, Vienna.
"Iran's energy minister is adding to this depressed outlook, stating at an industry conference in Tehran that the country would aim to restore its share of global crude exports within months of the sanctions being lifted," said Kash Kamal, senior research analyst at Sucden Financial.
Traders are apparently awaiting the release of more data on Wednesday about the level of US crude stockpiles for last week.
During the current month, both WTI and Brent prices failed to remain above $50 a barrel because the global market remains oversupplied. In the meantime, the Organization of the Petroleum Exporting Countries (OPEC) continues to pump more oil than its quota to maintain market share with the US.
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