Oil Steadies as US Holiday Curtails Trade

Reuters Africa reports that oil prices steadied on Monday as the US took a holiday slowing trade.

The market news is quoted as saying,

U.S. crude CLc1 was 7 cents up at $95.01 a barrel by 1633 GMT. ICE Brent crude LCOc1 was 17 cents lower at $111.60 a barrel.

Oil prices have been supported by gains in global equity markets since last week, Christopher Bellew, oil trader with Jefferies Bache, said. “I think the stock market rebound indicates some confidence in growth,” he said.

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