Oil Stable As Market Seen In Balance, But Slow Asian Demand Hurts

Oil futures were steady on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.
Brent crude futures LCOc1 were trading at $50.31 per barrel at 0441 GMT, almost unchanged from their last settlement. U.S. crude CLc1 were down 5 cents at $48.94. There will be no West Texas Intermediate crude settlement on Monday as U.S. financial and commodity markets are closed for the U.S. Independence Day holiday. “Fundamentals offer limited scope for further price gains and we expect Brent to trade broadly sideways over the coming months,” said analysts at BMI Research.
Source: Reuters

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