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Oil prices steady as market juggles supply and demand fears

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Brent crude futures fell 22 cents to $85.96 a barrel by 1043 GMT, while U.S. West Texas Intermediate crude was down 16 cents at $80.30

Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply.

Bearish sentiment surrounded a contraction in China’s exports and imports in January and February, including crude imports. The decline came despite a lifting of COVID-19 restrictions, pointing to weakness in foreign demand. Price support, meanwhile, was provided by supply concerns. Chevron Chief Executive Mike Wirth on Monday told at a Houston conference that there is “not a lot of swing capacity,” making the global market vulnerable to any unexpected supply disruption.

U.S. crude inventories could register their first decrease in 10 weeks, a Reuters poll showed before official data is published this week.

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