OIL PRICES STEADY

World oil prices today steadied after Brent crude had this week hit a two-year low point against a backdrop of solid supplies and dampening demand growth. Brent North Sea crude for delivery in November edged up six cents to stand at USD 97.76 a barrel around midday in London. US benchmark West Texas Intermediate for October eased 22 cents to USD 92.85 a barrel. "Brent is trading somewhat more firmly than a week ago after some extremely volatile days of trading," Commerzbank analysts said in a note to clients. Brent began the week by sliding to USD 96.21 a barrel, which was the lowest level since July 2012. Oil prices, however, rebounded sharply on Tuesday after the head of OPEC indicated that the crude producers' cartel could cut its production target for 2015. They headed south once more a day later as a US crude stockpiles report showed a weekly surge of 3.7 million barrels instead of the 1.2-million barrel decline expected by the market. "The market is unfazed by the prospect of cuts to OPEC production due to over-supply in Europe and Asia and a strong dollar, which has also dampened demand by rendering Brent crude oil more expensive when expressed in foreign currency terms," Chloe Bradley, an analyst at energy consultancy Inenco, said today. A stronger dollar added downward pressure this week to oil prices, which are traded in the US unit and become more costly for buyers using weaker currencies. The greenback rose after the Federal Reserve stuck to its timetable on hiking interest rates but indicated they could eventually rise more sharply than initially envisaged. Oil traders also focused on the Scottish referendum owing to the presence of large reserves in the North Sea off the coast of Scotland. Scots rejected independence on Friday in a result that left the centuries-old United Kingdom intact but headed for a major shake-up that will give more autonomy to both Scotland and England.