Oil Prices Steady

Crude prices have had the most volatile week in four years as the prices tumbled over 20 per cent in 4 trading sessions amidst the trade war turmoil

PVM analyst Tamas Varga said oil had ignored falling equity markets on Wednesday and had firmed on the back of US tariffs against Venezuela and lower US crude and fuel inventories

The more active US WTI crude March contract fell 36 cents to $77.03

Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions

Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply

Brent crude futures were up 5 cents, or 0.06%, at $86.32 per barrel by 0937 GMT, while U.S. West Texas Intermediate crude futures were down 9 cents, or 0.1%, at $78.41 per barrel

Crude has dropped substantially after a surge close to its all-time highs in March after Russia's Ukraine invasion added to supply concerns, pressured by the prospects of recession and weaker demand

Brent crude oil futures were virtually flat on the day at $66.13 a barrel at 1035 GMT, while US crude futures were down 34 cents at $55.91

US producers added nine oil rigs in the week to November 10, the biggest jump since June, raising the count to 738, energy services firm

Benchmark Brent crude was down 20 cents at $60.29 per barrel