Oil prices stable around six-month lows

BEIJING, Dec 13 (Reuters): Oil prices were little changed on Wednesday, after falling by more than 3 per cent to six-month lows in the previous session on oversupply and demand concerns.
Brent crude futures for February were up 6 cents, or 0.08 per cent, to $73.30 a barrel at 1142 GMT. US West Texas Intermediate crude futures for January gained 10 cents, or 0.15 per cent, to $68.71 a barrel.
Brent futures closed at their lowest since late June on Tuesday at $73.24 a barrel, incurring a $2.79 a barrel day-on-day loss.
"Concerns around the global economy next year, a weak commitment to output cuts from OPEC+ and higher output elsewhere, including record levels in the US, is weighing heavily on prices into year-end," said OANDA analyst Craig Erlam
Investors will be looking ahead to the US Federal Reserve's meeting later on Wednesday, where interest rates are largely expected to be held unchanged for a third straight round.
Markets have priced in "aggressive rate cuts" for 2024, said Yeap Jun Rong, market strategist at IG. "Any disappointment on that front could strengthen the US dollar and weigh on the risk environment," pushing down oil prices, Yeap said.