Oil prices steady as China demand fears offset tighter supply forecasts

Oil prices moved little in early Asian trade on Thursday as the prospect of tighter supply with output cuts from Saudi Arabia and Russia and a bigger-than-expected drop in U.S. crude stocks were offset by worries over a sluggish demand recovery in China.

Brent crude futures was down 2 cents to $76.63 a barrel by 0038 GMT after settling up 0.5% the previous day.