Oil Prices Stabilize After Slump on Underwhelming OPEC+ Cuts

Oil Prices Stabilize After Slump on Underwhelming OPEC+ Cuts
A general view of the Phillips 66 refinery, as seen from Rodeo, Calif., the oldest oil refining town in the American West, on March 2, 2023. Nathan Frandino/Reuters
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Oil prices were broadly steady on Friday following a 2 percent drop on Thursday, with the market seemingly unconvinced that the latest round of production cuts by the OPEC+ coalition will be able to lift prices out of their recent slump.

Brent crude futures for February rose 22 cents, or 0.27 percent, to $81.08 a barrel by 1058 GMT on their first day as the front-month Ice Brent contract.