The price of Brent crude oil steadied around $70 a barrel today after a near 40% decline since June.
Reuters reported that Brent increased 20 cents to $70.12 a barrel, while US crude futures rose 35 cents to $67.73 a barrel.
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The price of oil has been unstable since OPEC’s decision not to cut production, despite market oversupply.
The price of Brent declined to a five-year low, below $68 a barrel, on Monday, after averaging at about $110 a barrel in 2011 to 2013.
Several analysts anticipate oil prices to decline further following open comments by key OPEC members.
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Citing sources familiar with the matter, The Wall Street Journal reported that major oil producer Saudi Arabia now believes oil prices could stabilise at about $60 a barrel.
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By GlobalDataVenezuela President Nicolas Maduro said a fair price for oil is about $100 a barrel.
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