SINGAPORE: Oil prices stabilized in Asia Monday following sharp gains in the previous session as dealers predicted the end of volatile trading and the beaten-down commodity bottoming out, analysts said.
US benchmark West Texas Intermediate (WTI) for April delivery fell 37 cents to $49.39 while Brent crude eased 28 cents to $62.30 in late-morning trade.
WTI advanced $1.59 while Brent gained a hefty $2.53 on Friday. WTI, after having fallen in early 2015 to a six-year low, has swung wildly in February, but finished the month a little more than $1.50 higher. By contrast, Brent gained about $12.
Crude oil has lost about 50 percent of its value since June, largely due to a global supply glut partially caused by surging US shale production.
