Oil Prices Steady Despite Oversupply and China Concerns

Crude oil prices were steady on Thursday, with U.S. contracts still down around 16 percent since a peak hit in late June, as traders fretted about China’s stock market rout, Greece’s debt crisis and a glut in supply.

Front-month U.S. crude futures were trading at $51.65 per barrel at 0048 GMT, unchanged from their last settlement, but prices are down over 8 percent since Monday.  Front-month Brent crude was firmer, edging up 3 cents to $57.08 a barrel, but also down some 5 percent since the end of last week.

“The China risks … present danger for Australia and other economies which are leveraged to commodity exports to China,” Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.