Monday, 4 July 2016

Oil stable as market seen in balance, but slow Asian demand hurts

Oil futures were steady on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.

Brent crude futures were trading at US$50.31 per barrel at 0441 GMT, almost unchanged from their last settlement.

US crude were down 5 cents at US$48.94.

There will be no West Texas Intermediate crude settlement on Monday as US financial and commodity markets are closed for the US Independence Day holiday.

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