Oil Prices Steady But Rally May Run Out of Steam

Crude oil prices were broadly unchanged in early trading on Tuesday, as firm demand supported and ample supply dragged, but analysts said there were signs that a recent rally was running out of steam.
Robust demand in Asia as well as due to the driving season in the United States is being met by near record output, especially from the Organization of Petroleum Exporting Countries (OPEC), although U.S. production seems to have been peaked, at least temporarily. Front-month Brent crude prices were up six cents to $65.58 per barrel by 0120 GMT. U.S. crude prices were up 16 cents at $59.88 a barrel. London-based Timera Energy said that the recent oil rally had run out of steam because WTI prices were reaching levels at which producers could operate profitably.

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