OIL held steady at above

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Friday, December 8, 2006 - Web posted at 8:17:54 GMT

OIL held steady at above

US$62 a barrel for a third day yesterday as forecasts for weaker fuel demand during mild weekend weather took the sting out of an unexpected drop in crude stocks in the world's top consumer.

US crude for January delivery rose 21 cents to US$62,40 a barrel.

Brent crude was up 33 cents at US$63,40.

Prices broke just above their two-month US$58-US$62 channel one week ago, but have since failed to rally beyond US$64 a barrel.

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