Oil Prices Stable On Gasoline Supplies Concerns

Oil prices held steady around US$68 a barrel in Asian trading on Monday on lingering concerns U.S. gasoline supplies are still not meeting peak summer demand.

Light, sweet crude for July delivery edged down 2 cents to US$67.98 a barrel on the New York Mercantile Exchange midmorning in Singapore. The contract rose 35 cents to settle at US$68 a barrel Friday, its highest close since September.

Analysts said traders continue to react to last week's report by the U.S. Energy Department's Energy Information Administration.