Oil prices steady on prospect of balancing supply after steep selloff

Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the U.S. dollar, tempered an earlier selloff.

Brent crude futures rose 26 cents, or 0.3%, to $84.32 per barrel by 0033 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 19 cents at $76.90 per barrel. Both benchmarks sank by about $2 a barrel on Monday, largely on U.S. dollar strength.