LONDON—Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers balanced concern about weakening global growth that may dampen fuel demand.
Crude last week jumped more than 6 percent, a third weekly gain, after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, surprised the market with a new round of production cuts starting in May.
Brent crude slipped 3 cents to $85.09 a barrel by 0816 GMT, while U.S. West Texas Intermediate crude gained 8 cents to $80.78.
“Those who were bearish are questioning the demand outlook in light of the cuts, whilst clearly those who were bullish are now seeing even a tighter market over the second half,” ING’s head of commodities research Warren Patterson said….