Oil steadies as demand uncertainty tempers supply cuts

SINGAPORE: Oil prices, which have been driven higher for the past four weeks, were steady on Monday (May 25), with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.

Brent had eased by 5 cents, or 0.14% to US$35.08 a barrel by 1014 GMT, while US oil gained 14 cents, or 0.42% to US$33.39 a barrel. Both are down around 45% so far this year.