Oil prices steady despite economic concerns and Red Sea worries

Oil prices stabilize as market weighs US economic concerns

Oil prices stabilized in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the US economy. Crude oil slipped 1 cent, or 0.01%, to $75.88 a barrel, while US West Texas Intermediate crude futures rose 4 cents, or 0.06%, to $70.42 a barrel. The market fell in the previous session as market optimism about early and aggressive US interest rate cuts ebbed ahead of the release of Federal Reserve minutes and jobs data.