Oil prices steady after US-fuelled gains

Oil prices steadied today after rising the previous session thanks to news of a fall in US output that eased concerns over a supply glut.
At about 1630 IST, US benchmark West Texas Intermediate for delivery in June stood at USD 44.20 a barrel - unchanged from yesterday's close.
Brent North Sea crude for June delivery edged up two cents to USD 45.80 a barrel.
Prices had surged four percent to near five-month highs yesterday after the US energy department revealed the dip in the country's crude production last week to levels not seen since October 2014.
Rising US shale production has been a key contributor to the global oversupply, along with elevated output from other producers including Saudi Arabia and Russia.

Reports that Iraq is pushing for new talks among producers after the collapse of the Doha gathering Sunday aimed at tackling excess supplies had also provided strong support to crude futures yesterday.
The Doha meeting fell apart after kingpin Saudi Arabia pulled out owing to bitter rival Iran's refusal to impose output limits. Tehran said it was still in the process of raising production after the removal of nuclear-linked Western sanctions in January.