Oil Holds Steady amid Increased Supply, Weak Global Demand

Oil prices remained stable in early trade today, with a potential of increased supply entering the market amid weak global demand growth. Brent crude futures for December delivery rose 13 cents, or 0.18%, to $71.83 a barrel. US West Texas Intermediate oil futures for November delivery rose 11 cents, or 0.16%, to $68.28 per barrel. Oil markets have been under pressure from weaker-than-expected demand growth this year (2024), particularly in China, the world's biggest crude importer. Those demand concerns were reinforced yesterday (Monday) after data showed the country's manufacturing activity shrank for a fifth month in September 2024. Source: Oman News Agency