Oil prices steady at $60

Crude oil prices steadied yesterday, as strong demand for oil products helped to balance a global overhang of crude oil for immediate delivery.

North Sea Brent crude oil traded within a fairly narrow range as investors eyed a weak physical crude market in the Atlantic basin amid reports of stronger demand for gasoline and diesel in the US and Europe.

Official prices for Nigerian crude have hit their lowest in at least a decade with up to 10 million barrels of unsold light, sweet crude oil capping Atlantic basin prices.