Oil prices hold steady ahead of US elections

Oil prices held steady on Tuesday ahead of the US presidential election, retaining their steep overnight gains but capped by demand concerns and worries about rising supplies.

Hopes that major producers would hold back from ramping up output helped lift prices in the previous session, but the market faces surging coronavirus cases, rapidly rising Libyan supplies and uncertainty about the US election outcome.

Brent crude futures inched up 1 cent to $38.98 a barrel at 0440 GMT, while US West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.2%, to $36.89 a barrel. Both benchmarks gained nearly 3% on Monday.