Oil prices steady after six weeks of gains, pressured by glut | Reuters

Oil prices steady after six weeks of gains, pressured by glut | Reuters

Oil prices were little changed in choppy trade on Monday as persistent oversupply in the market largely offset hopes that a rollout of coronavirus vaccines will lift global fuel demand.

Brent crude futures for February ended the session 32 cents, or 0.6%, higher at $50.29 a barrel, while U.S. West Texas Intermediate crude futures for January settled up 42 cents, or 0.9%, at $46.99 a barrel.

Prices slid more than 1% earlier in the session after OPEC said global oil demand would rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, hampering efforts by the group and its allies to support the market.

Brent and WTI have rallied for six consecutive weeks, their longest stretch of weekly gains since June.

“Price momentum has slowed appreciably during the past couple of weeks and while some fresh or unexpected bullish headlines may be required to advance the complex into new high territory, we will also note a market that appears to have developed immunity to bearish headlines that would normally be slapping the complex down,” Jim Ritterbusch, president of Ritterbusch and Associates, said.