Crude price stays around $58/bl

Crude oil price steadied around $58 per barrel on Wednesday taking losses for the week to more than 7%.

Nymex crude declined 37 cents to $58.31 in Singapore deals - the lowest level since mid-February after the $2.35 fall in New York deals on Tuesday.

London Brent shed 41 cents to $58.02 after hitting $57.78 - the lowest since December 30, 2005.

Updated at 0840 hrs: The US crude oil futures prices ended nearly 4% lower, after hitting fresh seven-month lows, dragged down by a US inventory glut and a fading hurricane threat.

Crude for November delivery fell $2.35, or 3.9%, to settle at $58.68 a barrel on the New York Mercantile Exchange. Its session low was $58.60.

The price of oil is down 25% from its NYMEX record of $78.40 in July, which has given momentum to the stock market's recent rally.