Oil prices steady as China-U.S. trade tensions ease | Reuters

Oil prices steady as China-U.S. trade tensions ease | Reuters:

Oil prices steadied on Thursday, under pressure from high inventories but buoyed by a drawdown in U.S. crude stockpiles and indications that the trade war between the United States and China may be easing.

Global oil supply has outstripped demand over the last six months, inflating inventories and pushing crude oil to its lowest in more than a year at the end of November.

But the Organization of the Petroleum Exporting Countries and other big producers, including Russia, agreed last week to reduce supply to try to trim the surplus.

Brent crude oil LCOc1 was unchanged at $60.15 per barrel by 0945 GMT. U.S. light crude CLc1 was steady at $51.15.