Oil price flat despite Opec signalling further curbs

Oil prices were largely flat yesterday after steep losses the previous session, with rising US production weighing against comments from leading Gulf oil producers that an extension to Organisation of the Petroleum Exporting (Opec)-led supply cuts was likely.

Brent futures were at $52.93 a barrel, unchanged from their last close, while US crude futures were down at $50.50 a barrel.

“The US market perhaps doesn’t believe in the oil market balance that Opec would have us believe,” said Hans van Cleef, senior energy economist with ABN Amro.