Oil prices steady after sharp decline of nearly 3% on weak US demand
MELBOURNE (Reuters) – Oil prices were roughly unchanged in early trading on Friday after sliding around 3% in the previous session on weakened demand in the United States, the world’s top oil consumer, and a pick-up in supply from Libya.
Brent crude futures rose 17 cents, or 0.2%, to $104.03 a barrel at 0041 GMT, while U.S. West Texas Intermediate (WTI) crude futures were flat at $96.35 a barrel.
WTI has been pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump.
