CORRECTED-Oil stable as market eyes ongoing supply cuts amid downturn

(Corrects paragraph 2 to Monday's close, not Friday's)
* Russia signals it may support continued supply cuts with
OPEC
* Economic downturn is starting to dent fuel demand growth
* Global oil demand growth could fall below 1 million bpd -
FGE

By Henning Gloystein
SINGAPORE, June 11 (Reuters) - Oil prices stabilized on
Tuesday on expectations that producer goup OPEC and its allies
will keep withholding supply to prevent prices from tumbling
amid a broad economic slowdown which has started eating away at
fuel demand growth.
Front-month Brent crude futures LCOc1 , the international
benchmark for oil prices, were at $62.36 at 0023 GMT, 7 cents,
or 0.1%, above Monday's close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $53.42 per barrel, 16 cents, or 0.3%, above their last
settlement.
Prices fell by around 1% in the previous session and crude
futures are down by some 20% from their 2019 peaks in late
April, dragged lower by a widespread economic downturn that has
started to impact oil consumption.
Russia on Monday said it might support an extension of
supply cuts that have been in place since January, warning oil
prices could fall as low as $30 per barrel if producers supply
too much crude. The Organization of the Petroleum Exporting Countries (OPEC)
and some non-affiliated producers including Russia, known
collectively as OPEC+, have withheld supplies since the start of
the year to prop up prices.
OPEC+ is due to meet in late June or early July to decide
output policy for the rest of the year.
"Due to the general fear of an economic downturn ... (and)
the realization that demand growth is slowing ... no one will
argue for abandoning (the) OPEC+ accord," said Fereidun
Fesharaki, chairman of energy consultancy FGE, in a note
published on Tuesday.
FGE said global crude oil demand growth could drop below 1
million barrels per day (bpd) in 2019, down from previous
expectations of 1.3 to 1.4 million bpd.
"This effectively gives us an extra 300,000-400,000 barrels
per day of supply," said Fesharaki.