Oil steady but oversupply, economic growth weigh | Reuters

Oil steady but oversupply, economic growth weigh | Reuters:

Oil prices steadied on Monday after slipping by around 2 percent last week, but remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.

Brent crude oil LCOc1 was down 10 cents a barrel at $60.18 per barrel by 0945 GMT. U.S. light crude CLc1 was down 5 cents at $51.15.

Both benchmarks fell more than 25 percent through October and November as a supply glut inflated global inventories but have stabilized over the last three weeks, trading within fairly narrow ranges as oil producers have promised to cut production.