Oil price nudges higher, but ample global production weighs(Update)

Brent crude futuresdipped 20 cents, or 0.3 percent, to settle at $72.61 a barrel, while U.S. West Texas Intermediate (WTI) crude declined 43 cents to settle at $67.20 a barrel, with a 0.7 percent loss. (Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma. - Reuters filepic)

SYDNEY: Oil prices steadied on Tuesday, edging up from a near two-week low in the previous session when prices fell around 3 percent on fears of supply growth and a global economic slowdown.

U.S. West Texas Intermediate (WTI) crude futures were at $52.07 (39.56 pounds)per barrel, up 8 cents from their last settlement. WTI futures closed down 3.2 percent on Monday when prices touched $51.33 a barrel - the lowest since Jan. 17.

International Brent crude oil futures had yet to trade, after closing down 2.8 percent in the previous session when prices hit a low of $59.49 a barrel - the lowest since Jan. 15.

"Rising supplies continue to put downward pressure on crude prices despite the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers to limit production," said Alfonso Esparza, senior market analyst, OANDA.

U.S. drillers added 10 oil rigs last week, according to energy services firm Baker Hughes on Friday, in another sign of the expanding record U.S. crude production that has soured market sentiment. - Reuters 

Earlier report: