London — Oil prices steadied on Thursday, holding onto most recent gains, supported by oil cartel Opec-led supply cuts, tension in the Middle East and lower US production. Brent crude was down 20c at $57.95 a barrel by 7.45am GMT, still about 30% above mid-year levels. US light crude was 20c lower at $51.84, almost 25% higher than its lows in June. "The oil market is tightening gradually," said Tamas Varga, analysts at London brokerage PVM Oil Associates. "Opec is expected to roll over output restrictions for another nine months, supplies are at risk in the Middle East and US inventories are falling." The US Energy Information Administration said on Wednesday that US crude inventories fell by 5.7-million barrels in the week to October 13, to 456.49-million barrels and US output slumped by 11% from the previous week to 8.4-million barrels per day (bpd), its lowest since June 2014 as production was shut in by a hurricane. Instability in the Middle East has increased risks to supply fr...
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