NEW YORK (Reuters) -Oil prices steadied on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases. Brent crude fell 4 cents to settle at $71.59 a barrel. U.S. gasoline stocks rose by 1.3 million barrels last week, the Energy Information Administration said. U.S. crude inventories fell by 7.2 million barrels last week to 425.4 million barrels. U.S. crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually recovers.

Source: MetroXpress September 01, 2021 12:53 UTC