Tuesday, March 13, 2007

Oil steadies at $58 on expected US inventory drop

Oil prices held around $58 a barrel on Wednesday, steadying from a slide the previous day driven by U.S. stock market losses, as traders awaited data projected to show falls in U.S. fuel inventories.

U.S. crude for April delivery was trading up 8 cents at $58.01 a barrel by 0352 GMT, after falling 98 cents on Tuesday when it hit a fresh three-week low. London Brent crude was down 5 cents at $60.85 a barrel.

Read more at Reuters South Africa

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