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LONDON (Reuters) - Oil prices steadied on Monday as U.S. production hit a record high and OPEC members considered boosting supply to balance rising global demand.
Benchmark Brent crude oil was unchanged at $76.79 a barrel by 0845 GMT. U.S. light crude was up 5 cents at 65.86 a barrel. Last week, the U.S. contract lost around 3 percent, adding to a near 5-percent decline from a week before.
"We are going into summer, the high demand season, and I think we are going to see a fall in U.S. crude oil inventories, but shale oil output is growing. Which one is going to win is the issue," said Tony Nunan, risk manager at Mitsubishi Corp.
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Benchmark Brent crude oil was unchanged at $76.79 a barrel by 0845 GMT. U.S. light crude was up 5 cents at 65.86 a barrel. Last week, the U.S. contract lost around 3 percent, adding to a near 5-percent decline from a week before.
"We are going into summer, the high demand season, and I think we are going to see a fall in U.S. crude oil inventories, but shale oil output is growing. Which one is going to win is the issue," said Tony Nunan, risk manager at Mitsubishi Corp.
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