Oil holds near lows on soft demand outlook, OPEC uncertainty

Oil was steady near recent lows after signs of weakness in the US manufacturing and housing sectors stoked concerns about weakening demand, while OPEC nations still can’t agree on a date for their next meeting, adding to uncertainty over whether production cuts would be extended.

Futures in New York were little changed, after losing 1.1% Monday. The US Federal Reserve found a record slowdown in June for New York State factories, while sentiment among housing contractors unexpectedly dropped for the first time all year. Meanwhile, a meeting between top oil officials in Russia and Iran failed to break the impasse on when OPEC would next meet, with Iran proposing a date a week later than that favored by other members.