Oil prices steadied on Wednesday morning before the EIA inventory report after a reported compromise between Saudi Arabia and the UAE over baseline production levels removed a major uncertainty that was hanging over the market. As of 9:58 a.m. EDT on Wednesday, WTI Crude was down 0.32 percent at $74.
93 and Brent Crude prices were down 0.17 percent at $76.29. Earlier in the day, oil prices were deeper in the red, as market participants started to fret about what low Chinese imports would mean for global oil demand. China’s crude…Oil Stabilizes After Saudi-UAE Compromise Removes Major Uncertainty
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