Global oil prices steadied just below two-year highs on Thursday, supported by supply cuts by OPEC and other major exporters including Russia.
Benchmark Brent crude oil LCOc1 was unchanged at $63.49 a barrel by 0840 GMT. On Tuesday, Brent reached an intra-day high of $64.65, its highest since June 2015, reports Reuters.
US light crude CLc1 was steady at $56.81, not too far off this week’s more than two-year high of $57.69 a barrel.
Traders said a rally that has pushed up Brent by more than 40 per cent since July may have run its course due to increases in US supplies and some indicators of a demand slowdown.
Prices are still supported by efforts led by the Organization of the Petroleum Exporting Countries and Russia to withhold supplies in order to tighten the market and prop up prices.
OPEC will discuss output during a meeting on Nov. 30, and is expected to extend the limits beyond their expiry in March 2018.
Despite this, many analysts say the price rally of the past months may have run its course, at least for now.
Global fuel consumption remains strong, although the latest figures from top importer China were below expectations.
Key for the last weeks of 2017 is whether traders remain confident about their huge bets on further price rises, or if they sell out, satisfied with recent strong gains.