Oil prices steady but oversupply, economic growth weigh

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

Brent crude oil was down 10 cents a barrel at $60.18 per barrel by 0945 GMT. WTI 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 stabilised over the last three weeks, trading within fairly narrow ranges as oil producers have promised to cut production, Reuters reported.

Many investors doubt planned supply cuts by the Organization of the Petroleum Exporting Countries and other producers such as Russia will be enough to rebalance markets.

OPEC and its allies have agreed to reduce output by 1.2 million barrels per day (bpd) from January, in a move to be reviewed at a meeting in April. But U.S. shale output is growing steadily, taking market share from the big Middle East oil producers in OPEC and making it harder for them to balance their budgets.