
Oil prices have remained steady on hopes that production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia will tighten supply.
Brent crude oil futures increased six cents or 0.1% and were at $60.70 a barrel, while the West Texas Intermediate crude futures declined seven cents, or 0.13%, at $52.04 a barrel, Reuters reported.
Prices also steadied on expectations that possible Chinese stimulus might help the global economy.
Probis Securities Sydney chief investment officer Jonathan Barratt told the news agency: “It seems the oil market is looking at Saudi Arabia’s aggressive supply cuts and Chinese aggressive stimulus.”
China’s Central Bank injected $83bn in net cash into the country’s financial system in a bid to avoid a cash crunch that would put further pressure on the economy that is weakening.
The development hinted markets that authorities are shifting to a policy of easing to counter a slowdown in the economy.

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By GlobalDataIncreasing signs of an economic slowdown in the country and worldwide may yet keep oil prices in check.
Earlier this week, China reported that its exports and imports contracted from a year earlier.
Meanwhile, based on estimates from White House, the US economy is taking a larger-than-expected hit from a partial government shutdown.
Standard Chartered Bank said: “OPEC production cuts will limit inventory builds to those justified by higher demand, which should settle the market in a sustainable range above $70 per barrel.”