Oil steadies as demand uncertainty tempers supply cuts

OilNSE 0.41 % prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.

Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel. Both are down around 45% so far this year.

“Uncertainty around the current travel patterns in the U.S. is so great that the American Automobile Association did not release its Memorial Day travel forecast,” Bjornar Tonhaugen, head of oil markets at Rystad Energy, said.