US crude steady as Libya worries offset dollar gain

U.S. crude futures were steady on Tuesday as gains in the dollar following the collapse of Greek debt talks offset supply concerns stoked by growing violence in Libya and uncertainty over exports from Kurdistan.

Kuwait’s oil minister Ali al-Omair said on Monday that oil prices would continue to rise this year as supply fell, with the current oil surplus already “definitely lower” than 1.8 million barrels per day.

Oil prices have fallen sharply in recent months as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.

Elsewhere, in Japan, data on Monday showed that the economy emerged from recession in the final quarter of 2014, but growth was still weaker than expected, indicating that the recovery remain fragile.

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