Oil stabilises after sharp drop on demand concerns, easing of Middle East tension

NEW DELHI: Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.

Brent futures were up 13 cents, or 0.15%, at $87.42 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 6 cents higher, up 0.07%, at $82.75 a barrel at 0636 GMT.