Oil steadies as Middle East supply worries balance economy concerns

Oil steadied on Thursday, largely unwinding an earlier rally, as concerns over Middle Eastern supply and disruptions at an oilfield in Libya were countered by concern about economic growth and demand.

Local protests forced a production shutdown on Wednesday at Libya’s Sharara oilfield, which can produce up to 300,000 barrels per day (bpd). The field, one of Libya’s largest, has been a frequent target for political protests.