NEW YORK (Jan 18): Oil prices steadied on Thursday, boosted by a rebound in U.S. equities and news that OPEC sharply curtailed production in December, after earlier losses on fears about surging U.S. crude output and weakening global demand.
Brent crude oil futures slipped 14 cents to settle at $61.18 a barrel after trading as low as $60.04 intraday. U.S. crude futures fell 24 cents to settle at $52.07 a barrel, up from a low of $50.98.
Eager observers may choose to draw hope from the occasional report of competence or wisdom in the ongoing China trade battle. But barring a more fundamental shift in Trump administration policy, they would be well-advised not to bet on it.