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Surplus supply and economic concerns are putting pressure on oil prices
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| Oil |
Oil prices steadied on Monday after falling 2 percent in the previous session but remained under pressure amid a slowdown in major economies and fears of oversupply.
By 0722 GMT, Brent crude futures were $ 60.31 a barrel, up 3 cents, up 0.05 percent from the last close.
West Texas Intermediate crude <LCOc1> was $ 50.27, up 7 cents, or 0.14 percent.
The continued growth of oil production in the United States continues to put pressure on oil prices, while analysts doubt that the planned reduction of production led by OPEC is sufficient to rebalance the market.
OPEC and its allies, led by Russia, agreed to cut output in January, with the move being reviewed at the April meeting.
Sentiment to oil and other asset classes has fallen as concerns over weak growth in major markets such as China and Europe.
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