Oil prices held steady on Wednesday after rising over 1% in the previous session, on a stronger dollar and as investors remained firm after jitters arising from supply cuts from Saudi Arabia and Russia. Brent crude futures were up by 10 cents to $90.14 a barrel at 1346 GMT. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. REUTERS/REUTERS PHOTOGRAPHER Acquire Licensing RightsReflecting near-term supply concerns, front-month Brent futures had traded on Wednesday near 9-month highs at $4.13 a barrel above prices in six months. Saudi Arabia and Russia on Tuesday extended their voluntary oil cuts to the end of the year, the former to the tune of 1 million barrels per day (bpd) and the latter by 300,000 bpd.

Source: Libya Today September 06, 2023 14:44 UTC