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Oil steadies but supply concerns continue to weigh

Investing.com - Oil steadied Monday after hitting 10-month last week but remained under pressure on supply concerns. U.S. crude was up 15 cents, or 0.35%, at $43.16 at 08:45 ET. Brent added 12 cents, or 0.26%, to $45.87. Oil received some support from a weaker dollar as prospects for a further U.S. rate hike dimmed. A weaker dollar underpins demand for oil. Investors noted a further increase in U.S. drilling activity. Baker Hughes Friday reported a rise in the U.S. rig count of 11 to 758 in the latest week. That was the highest level since April 2014. Higher U.S. output has undermined output cuts by major producers in an attempt to re-balance supply and demand. OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day. The accord has been extended for another nine months to March of next year.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.