Oil prices steadied above $61 on Friday and showed little inclination to break out of a $3 range that has held for over two weeks as other asset classes see-sawed.
Investors are preoccupied by a drop in gasoline stocks in top consumer the United States, OPEC's meeting to set output on March 15 and OPEC producer Iran's dispute with the U.N. Security Council over its uranium enrichment program.
Traders in Asia were also watching disruptions to Australian supplies.
U.S. crude rose five cents to $61.69 a barrel at 1053 GMT, after an 18-cent loss on Thursday. London Brent crude edged 14 cents higher to $62.47.
A drop in weekly U.S. gasoline stocks, prior to peak summer driving demand, is supporting oil prices. U.S. data on Wednesday showed domestic gasoline inventories down a larger-than-expected 3.8 million barrels last week.
"For today, gasoline will remain the leading indicator but we will keep also an eye on the performance of equities at the end of what was a shaky week for them," said Olivier Jakob of Petromatrix.
Global equity markets remained on edge after last week's sharp sell-off, sparked by a steep slide in Chinese stocks and worries about slowing U.S. growth.
Oil has remained resilient, staying above the psychologically key $60 level. Analysts said prices were poised for a move higher.
(Reuters, 09/03/2007)