ENM: Oil steadies around $99 on talk of OPEC output cut
LONDON: Brent crude oil consolidated around $99 per barrel on Wednesday, recovering from a sharp sell-off on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output.
The benchmark sank to a 26-month low this week on rising supplies and signs of slower demand growth in China and Europe, but prices rallied after OPEC Secretary General Abdullah al-Badri said the group could trim its 2015 output target by 500,000 barrels p ..