Oil Prices Steady as Traders Weigh Supply Cuts Against Economic Headwinds

Oil Prices Steady as Traders Weigh Supply Cuts Against Economic Headwinds
Crude oil and grease is seen caked on a pump jack in the Permian Basin in Loving County, Texas on Nov. 25, 2019. Angus Mordant/Reuters
Reuters
Updated:

LONDON—Oil prices were little changed on Tuesday as traders weighed supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 against a sluggish global economic outlook.

Brent crude futures were up 2 cents to $77.71 a barrel by 0945 GMT, and U.S. West Texas Intermediate crude was up 5 cents at $73.04.