Crude oil prices stabilized on Wednesday at $61.58 per barrel. This is following the fall in oil prices in previous trade sessions, which generated concern over possible economic retardation, Vanguard reports. This is against the $60.72/b recorded on Tuesday over the panic of excess supply to the markets by non-OPEC member states.
OPEC's oil production cuts this year have been to support the market and check the excess supplies.
The International Brent Crude oil futures were at $61.58/barrel with a growth of 8 cents, while that of the U.S West Texas Intermediate (WTI) crude were $53.04/barrel, with an increase in 3 cents.
The previous fall in oil price and global markets recorded on Tuesday may be attributed to investors going into other safer investments like government bonds and gold.
The oil price stabilizing will impact positively as it affects every aspect of the global financial market
