West TX Oil Steady Around $59

U.S. crude was steady early on Tuesday as firm demand supported prices and ample supply dragged.

Robust demand in Asia as well as from the driving season in the United States is being met by near record output, especially from the Organization Of Petroleum Exporting Countries (OPEC), although U.S. production seems to have been peaked, at least temporarily.

“Crude oil prices were essentially unchanged … Crude oil markets were supported by a reported decline in U.S. production and crude oil inventories last week but prices failed to re-test the highs set earlier in the month,” ANZ bank said in a note on Tuesday.