LONDON—Oil prices were steady on Thursday after a price drop the previous day reversed the supportive impact of a surprise OPEC production cut announced this month.
Brent crude was trading at $77.72 a barrel, up 3 cents, or 0.04 percent, by 1033 GMT, while U.S. West Texas Intermediate crude rose 1 cent or 0.01 percent to trade at $74.31.
Prices stabilized as Russian Deputy Prime Alexander Novak described oil markets on Thursday as balanced.
The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said.
Oil prices dropped almost 4 percent on Wednesday as jitters about a U.S. downturn overshadowed a larger-than-expected fall in U.S. crude inventories….