The price of Brent crude oil steadied above $92 a barrel today as a weaker US dollar balanced concerns over ample supply.
Reuters reported that Brent declined 40 cents to $92.39 a barrel and US crude was down 40 cents to settle at $89.96.
A supply glut in various markets has raised concerns over a possible reduction in oil output amid violence in the Middle East.
The news agency said the drop in the dollar curbed a further decline in oil prices; on Monday, the US currency saw its biggest one-day drop since January.
The oil price has been declining over the last few months. Several analysts forecast that an era of high prices may finally come to an end as production increases at a faster rate than consumption.
Germany’s Economy Ministry data has revealed that the country’s industrial output declined far more than expected in August and saw its biggest drop since early 2009.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) is expected to unveil its decision on the output reduction at its meeting in November, due to be held in Vienna, Austria.
Analysts, however, expect the group to reduce production if the oil price reaches $90.
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