LONDON: Brent crude oil steadied at approximately $70 a barrel on Thursday as shareholders explore for a steady cost range after a near 40 percent descend since June.
Oil has been volatile since the Organization of the Petroleum Exporting Countries (OPEC) said last week it would not lower output despite an oversupplied market.
Brent was up 20 cents at $70.12 a barrel by 0905 GMT. U.S. crude futures rose 35 cents to $67.73 a barrel, after a 50-cent gain in the previous session.
“If you look at what has happened in the last few days, we seem to be sitting around $70 a barrel,” said Olivier Jakob, oil analyst at Petromatrix in Zug, Switzerland. “Crude is now hesitating, trying to find that next 10-dollar range.”
Brent hit a five-year low below $68 a barrel on Monday after averaging around $110 a barrel in 2011 to 2013.
Some analysts expect prices to fall further after bearish comments from key OPEC members.
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