Oil prices steady amid signs of demand coming back after coronavirus

TOKYO: Oil prices were steady on Tuesday, holding onto the previous session’s gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts.

Brent crude was up 6 cents at $43.14 a barrel at 0046 GMT, after gaining 2.1 per cent on Monday. US oilNSE 0.05 % was up 8 cents at $40.81 a barrel, having risen 1.8 per cent in the previous session.

“We’re starting to see the green shoots of recovery,” Exxon Mobil Australia Chairman Nathan Fay said at Credit Suisse’s annual Australian energy conference on Tuesday, referring to oil demand’s recovery from the collapse triggered by anti-coronavirus lockdowns.