# Oil prices steady as news of Saudi, Russia meeting calms investors Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-03-16 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Oil Prices Steady After Meeting Between Saudi Arabia and Russia Meta Description: Discover how oil prices stabilised thanks to Saudi Arabia and Russia's efforts to enhance market stability, amid fears of oversupply and financial URL: https://financedigest.com/oil-prices-steady-as-news-of-saudi-russia-meeting-calms-investorshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-03-16t114336z1lynxmpej2f0hgrtroptp4refinery-traders-1736814307392-compressed.jpg) By Shariq Khan BENGALURU -Oil prices steadied on Thursday after dropping to near 15-month lows earlier in the session, supported by reports that top producers Saudi Arabia and Russia met to discuss ways to enhance market stability. Brent crude futures rose 26 cents, or 0.4%, to $73.95 a barrel by 12:08 p.m. EDT (1608 GMT), while the West Texas Intermediate crude futures (WTI) rose 19 cents, or 0.3%, to $67.80 a barrel. Earlier in Thursday’s session both contracts had [dropped by more than $1 a barrel to near 15-month lows](https://www.financedigest.com/optimism-levels-drop-to-low-of-17-percent-according-to-first-survey-since-banking-regulations.html "Optimism levels drop to low of -17 percent, according to first survey since banking regulations"). On Wednesday, the [third straight day](https://www.financedigest.com/over-a-third-of-uk-people-think-thomas-whitmore-from-independence-day-will-be-joined-by-donald-trump-in-disneys-hall-of-presidents.html "Over a third of UK people think Thomas Whitmore from Independence Day will be joined by Donald Trump in Disney’s Hall of Presidents") of declines, U.S. crude fell below $70 a barrel for the first [time since](https://www.financedigest.com/soccer-arsenal-reach-womens-champions-league-semis-for-first-time-since-2013.html "Soccer-Arsenal reach Women’s Champions League semis for first time since 2013") Dec. 20, 2021. Saudi state media reported that the country’s energy minister Prince Abdulaziz bin Salman and [Russian deputy prime minister Alexander Novak met in the Saudi capital to discuss the OPEC+ group’s efforts to maintain](https://www.financedigest.com/japan-insurers-to-maintain-cover-for-lng-vessels-in-russian-waters.html "Japan insurers to maintain cover for LNG vessels in Russian waters") market balance. That news woke up the bulls in the market, and it was kind of expected with the sell-off that we have seen over the past few sessions,” said John Kilduff, [partner at Again Capital](https://www.financedigest.com/sequant-capital-partners-with-hitbtc-to-launch-a-dedicated-service-for-professional-cryptocurrency-traders.html "Sequant Capital partners with HitBTC to launch a dedicated service for professional cryptocurrency traders"). OPEC+ delegates told Reuters the producer group considers this week’s slide in [oil prices](https://www.financedigest.com/oil-ticks-up-as-u-s-inflation-cools-but-prices-set-for-monthly-drop.html "Oil ticks up as U.S. inflation cools, but prices set for monthly drop") to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise. Oil prices were also supported by a broader recovery in financial markets after [Credit Suisse](https://www.financedigest.com/mitsubishi-ufj-to-postpone-at1-bond-issuance-in-credit-suisse-fallout.html "Mitsubishi UFJ to postpone AT1 bond issuance in Credit Suisse fallout") was thrown a lifeline by Swiss regulators, and Treasury Secretary Janet Yellen assured lawmakers that the U.S. [banking system remains](https://www.financedigest.com/will-hong-kong-remain-the-jurisdiction-of-choice-for-offshore-banking.html "Will Hong Kong Remain The Jurisdiction Of Choice For Offshore Banking?") sound. The U.S. dollar weakened on Thursday, making greenback-denominated [oil cheaper for holders of foreign currencies and boosting demand](https://www.financedigest.com/oil-rises-on-demand-hopes-as-banking-crisis-fears-subside.html "Oil rises on demand hopes as banking crisis fears subside"). Both OPEC and the International Energy Agency (IEA) have forecast stronger oil demand this week, but oversupply concerns continue to [weigh on the market](https://www.financedigest.com/oil-markets-steady-as-investors-weigh-banking-crisis-russia.html "Oil markets steady as investors weigh banking crisis, Russia"). The IEA said commercial [oil stocks in developed OECD countries had hit an 18-month high while Russian oil output](https://www.financedigest.com/uk-oil-gas-firms-to-leave-years-worth-of-output-in-ground-with-tax-hikes-report.html "UK oil, gas firms to leave year’s worth of output in ground with tax hikes-report") in February stayed near levels registered before the war in Ukraine, despite sanctions on its seaborne exports. The ECB’s decision to hike interest rates, as expected, also weighed on [oil prices](https://www.financedigest.com/oil-prices-rebound-after-opec-upgrades-china-demand-outlook.html "Oil prices rebound after OPEC upgrades China demand outlook"). Market sentiment remains fragile as [investors continue to weigh up the latest developments](https://www.financedigest.com/southampton-development-continues-to-excite-local-investors.html "SOUTHAMPTON DEVELOPMENT CONTINUES TO EXCITE LOCAL INVESTORS") in the banking sector both in the US and in Europe,” said Fiona Cincotta, Senior Financial Markets Analyst at City Index. (Reporting by Ahmad GhaddarAdditional reporting by Muyu Xu; Editing by Mark Potter and Elaine Hardcastle) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---