Drums

Crude oil prices have remained steady due to a strong market performance in China and Japan.

Brent crude increased 9 cents and was trading at $49.61 per barrel, while the US West Texas Intermediate crude fell 6 cents to $45.88, Reuters reported.

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PVM’s Tamas Varga told the news agency: "Fundamentally, the market is following the stock market."

Since June last year, oil prices witnessed a fall by more than 50% as a result of oversupply globally.

"Fundamentally, the market is following the stock market."

Worries regarding growth in China and a slide in its equity markets led to fluctuations in oil prices in recent weeks.

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Oil prices are under pressure as the Organization of the Petroleum Exporting Countries (OPEC) are producing oil at record level to compete with other energy producers, especially US shale producers.

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Russia and Mexico are also not expected to reduce production, which could add further pressure to the oversupplied market.

Britain’s oil and gas industry association said that the output in the country may increase for the first time in 15 years.

Image: The Organization of the Petroleum Exporting Countries are producing oil at record level. Photo: courtesy of Victor Habbick/FreeDigitalPhotos.net.