Oil price steady after slump

12th September 2014, Comments 0 comments

The price of benchmark Brent crude oil steadied on Friday after slumping to the lowest level in more than two years against a backdrop of solid supplies and sluggish demand.

Brent North Sea crude for delivery in October eased 19 cents to stand at $97.89 a barrel in London afternoon deals.

US benchmark West Texas Intermediate (WTI) for October edged up six cents to $92.89 a barrel.

Brent had tumbled to $96.72 on Thursday -- a level last reached in 2012 -- while WTI hit a 16-month trough at $90.43 a barrel.

Prices plumbed the latest depths after the Paris-based IEA, which advises on energy policy to industrialised nations, cut its global oil demand outlook, citing weaker economic growth in both Europe and China.

The news followed broadly similar demand forecast downgrades this week from both the US government's Energy Information Administration and the Organization of the Petroleum Exporting Countries.

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© 2014 AFP

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