Oil below US$59

SINGAPORE – Oil steadied below US$59 a barrel yesterday, hovering near its lowest level in eight months as traders anticipated a build in US crude stocks and grew impatient with OPEC’s haggling on the details of an output cut.

US crude rose six cents to US$58,58 a barrel by 0353 GMT, while London Brent crude gained 11 cents to US$59,45. Despite OPEC’s apparent agreement on the principle of a 1 million barrels per day (bpd) output cut, a debate over the details of how and when to cut have held up a formal deal, keeping crude bouncing between US$58 and US$63 a barrel.”Oil is still in range-bound trading,” said Keiichi Sano, manager with the commodities business unit at Sumitomo Corp.Nampa-ReutersDespite OPEC’s apparent agreement on the principle of a 1 million barrels per day (bpd) output cut, a debate over the details of how and when to cut have held up a formal deal, keeping crude bouncing between US$58 and US$63 a barrel.”Oil is still in range-bound trading,” said Keiichi Sano, manager with the commodities business unit at Sumitomo Corp.Nampa-Reuters