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Oil steadies as market digests supply and demand outlook

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Brent crude futures edged up 29 cents to $76.94 a barrel by 0838 GMT, while U.S. West Texas Intermediate crude firmed by 37 cents to $72.16

Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown.

U.S. West Texas Intermediate crude firmed by 37 cents to $72.16 after rising by 2.9 per cent in post-holiday trade on Wednesday to catch up with Brent’s gains earlier in the week. The cuts, along with a bigger than expected drop in U.S. crude stocks, provided some support for prices.

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