Oil prices steadied on Friday as worries about oversupply and slowing demand offset support from a rebound in Chinese stock prices and hopes of a breakthrough in the Greek debt crisis.
Brent crude oil LCOc1 was up 7 cents at $58.68 a barrel by 1254 GMT (8:54 a.m. EDT). So far this month, the international benchmark has lost more than 7 percent.
Front-month U.S. crude futures CLc1 were trading 9 cents higher at $52.87 per barrel.
Oil’s flat performance contrasted with a rally in other global financial markets, which drew support from hopes a deal would be reached soon to keep Greece in the euro and a rebound in Chinese equities, which had fallen sharply.
The International Energy Agency (IEA) said on Friday that oil prices are set to come under further pressure from easing global demand and an expanding glut of crude, while a rebalancing of the oil markets may last well into next year.