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Oil Stable Above $76
Oil steadied above $76 a barrel today, rebounding from an earlier drop as concerns over supply
Oil steadied above $76 a barrel today, rebounding from an earlier drop as concerns over supply and speculative buying lent support.
London Brent crude for September delivery, the new front-month, was up 8c at $76,37 a barrel in late afternoon trade, up from a low of $75,48. Prior to its expiry yesterday, the August contract rose to $78,40 - just shy of Brent’s record $78,65.
US crude was up 58c at $74,73, narrowing the spread with Brent, a day ahead of key US oil inventory data.
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