Oil Prices Steady in Early Asian Trade

Singapore, Oil prices were steady in early Asian trade today, as signs of weakening demand growth in China clashed with the prospect of declining US oil stockpiles. Brent crude oil futures fell by 11 cents, or 0.1%, to $83.62 a barrel, and US West Texas Intermediate crude futures were also 11 cents, or 0.1%, lower at $80.65 a barrel. Both benchmarks have dropped in the three prior sessions, with Brent crude futures trading as low as $83.30 on Tuesday, the lowest since June 17. The demand concerns and dollar strength offset signs of tightening supply in the US, the world's largest oil producer and consumer. Source: Oman News Agency