Oil steadies as equity markets gain, but concern builds over building supply
London — Oil prices were broadly steady on Thursday, supported by a pick-up in equity markets, but held back by evidence that supply will overtake demand in 2018. Brent crude futures were last down 13 US cents on the day at $64.76 a barrel, while US West Texas Intermediate (WTI) crude futures were up 1c at $60.97 a barrel. Global oil demand is expected to pick up in 2018 but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. "Oil and [the stock market] have been moving hand in hand … which basically means oil is extremely sensitive to the growth outlook," SEB commodity strategist Bjarne Schieldrop said, adding he still expected demand growth to reach 1.8-million barrels per day this year. European equity markets were buoyed by strong earnings from several key financial firms, while US stock index futures pointed to a pickup on Wall Street later. The oil price has moved in sync wit...
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