Oil prices steady

Oil prices steadied today after
recent heavy falls, as a sign of stronger demand in the United States helps eat into a supply glut.
Brent North Sea crude for delivery in February fell 25 cents to stand at USD 50.90 a barrel in late London deals. Brent yesterday briefly slipped below USD 50 for the first time since 2009.
Today, US benchmark West Texas Intermediate for February delivery was at USD 48.65 a barrel, unchanged from yesterday's close.
Prices won support from data yesterday showing that US stockpiles of commercial crude fell by 3.1 million barrels last week.
"As the US inventories were lower than expected, we expect crude oil prices to remain stable around the USD 50 mark, at least for this week's trading," said Daniel Ang, investment analyst at broker Phillip Futures.

Crude prices have shed about half their value since June owing to a global oversupply, slowing growth in China and emerging market economies, a recession in Japan and a near-stall in the eurozone.

A stronger US currency is also denting demand for dollar-priced oil while fears of further turmoil should troubled Greece exit the eurozone is casting a shadow.
"The current uncertainty on whether Greece will stay within the eurozone has exacerbated fears over an economic slowdown in Europe and negatively impacted benchmark prices," said Sanjeev Gupta of financial group EY.
There are fears that a victory for the radical left Syriza party at January 25 polls in Greece could see them tear up stringent measures required under an EU-IMF bailout for the country, a move that could see it leave the currency bloc.