The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in front of the Philadelphia skyline March 24, 2014. Picture taken March 24, 2014. REUTERS/David M. Parrott/File PhotoLONDON – 19 October 2017: Oil prices steadied on Thursday, holding onto most recent gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production.Brent crude was down 20 cents at $57.95 a barrel by 0745 GMT, still around 30 percent above mid-year levels. U.S. light crude was 20 cents lower at $51.84, almost 25 percent higher than its lows in June.“The oil market is tightening gradually,” said Tamas Varga, analysts at London brokerage PVM Oil Associates.“OPEC is expected to roll over output restrictions for another nine months, supplies are at risk in the Middle East and U.S. inventories are falling.”The U.S. Energy Information Administration said on Wednesday that U.S. crude inventories fell by 5.7 million barrels in the week to Oct. 13, to 456.49 million barrels.U.S. I am expecting OPEC and Russia to agree on a further 9-month extension to production cuts,” said Shane Chanel at ASR Wealth Advisers.

Source: Libya Today October 19, 2017 08:03 UTC