Oil Steadies as Demand Concerns Counter OPEC Cuts

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Brent crude futures fell $1, or 1.6%, to settle at $62.29 a barrel. US West Texas Intermediate (WTI) crude lost 5 cents to $53.94 a barrel.

Also supporting the market was optimism that the Organization of the Petroleum Exporting Countries and other producers such as Russian Federation would extend an output cut deal that has been in place since the beginning of the year to prop up prices.

OPEC and its Russia-led non-OPEC allies are withholding a total of 1.2 million bpd of oil supply from the market until the end of June and are set to meet in coming weeks to discuss how to proceed with their oil supply management policies in place since the start of 2017. Saudi Arabia is now hurrying to extend the ongoing production cuts, which are due to expire in June.

While Russia may be happier with a lower oil price than Saudi Arabia, the OPEC+ accord has boosted its federal budget amid higher prices for energy commodities.

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Oil prices steadied on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs.

"There are big risks of over-production".

Saudi Arabian Energy Minister Khalid al-Falih (L) and Russian Energy Minister Alexander Novak (R) exchange documents during the 6th meeting of the Russian-Saudi Intergovernmental Commission on Trade, Economic and Scientific and Technical Cooperation in Moscow on June 10, 2019. "We've agreed that we need to run a deeper analysis and to see how events unfold in June", before making a decision on the future of output cuts with OPEC+.

China's foreign ministry said that China is open for more trade talks with Washington but has nothing to announce about a possible meeting.

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Oil futures extended their losses after the U.S. Energy Information Administration (EIA) reported domestic crude stockpiles rose unexpectedly for the second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.

"There has also been a significant change in market sentiment, in both equity and financial markets" that has worsened many institutions' outlook for oil demand growth, Barkindo said.

"The revisions imply a 300,000 barrel per day reduction in our current global oil demand outlook of 1.3 million barrels per day year-on-year for this year", the British bank said.

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