Oil steady as investors weigh supply and demand drivers

Oil prices were barely changed in Asia trade as investors assessed the potential impact of Saudi output cuts against concerns over a global economic slowdown. Brent crude futures fell 1 cent to $76.94 a barrel, with the US West Texas Intermediate futures up 5 cents at $72.58 a barrel. Supporting the benchmarks was Saudi Arabia’s proposals for deep output cuts on Wednesday, though rising US fuel stocks and weak Chinese export data, as well as later comments from Citigroup analysts, capped price gains.