Dec 6 (Reuters) – Oil prices were steady on Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts, Reuters reported.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
The Organization of the Petroleum Exporting Countries and allies such as Russia (OPEC+) agreed on voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024 late last week.
Saudi and Russian officials added this week that the cuts could be extended or deepened beyond March.
But both benchmarks closed at their lowest level since July 6 in the previous session, on a run of four straight days of losses.