Oil prices stabilise amid supply concerns

Oil prices steadied on Thursday, after two losing sessions as supply concerns over Libya returned, while a smaller-than-expected draw in US crude inventories sapped demand expectations.

Brent crude futures had edged up 3 cents, or 0.04 per cent, to $78.68 a barrel by 1024 GMT, while US West Texas Intermediate crude futures were up 15 cents, or 0.2 per cent, at $74.67.

Both contracts lost more than 1 per cent on Wednesday, after data showed US crude inventories last week fell by 846,000 barrels to 425.2 million...