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Oil steadies above $77, OPEC debates output rise

LONDON - Oil steadied above $77 a barrel on Tuesday, as OPEC debated a modest rise in crude production to assuage consumers worried by prices near record highs and rapidly diminishing stocks, according to Reuters News Agency.

U.S. light crude rose five cents to $77.54 a barrel by 1145 GMT, off highs of $78.32 that placed it within striking distance of its record high of $78.77, on the back of pipeline attacks in the world's fifth-largest crude producer Mexico.

London Brent crude was up two cents at $75.50.

Posted by Peter C. T. Elsworth  at 9:31 AM to Crude oil market | Permalink

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