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Oil steadies but outlook remains weak

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil steadied on Tuesday after almost a week of sharp falls, but the outlook remained weak amid oversupply and several banks cut their price forecasts.Benchmark Brent crude was down 10 cents at $46.78 a barrel by 0820 GMT. U.S. light crude was 5 cents lower at $44.35.Signs of strong short-term demand capped losses. Gasoline demand tends to increase in the northern hemisphere summer as U.S. drivers take to the road.Weekly U.S. gasoline demand data "compares favourably to the five-year average and miles driven also continue to grow year-on-year", Bank of ...

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First Published: Tue, July 11 2017. 14:13 IST